DAX pushes through key resistance level
DAX Performance-Index (DAX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DAX finished Thursday at 13107.10 surging €216.52 (1.68%). This is the biggest single day gain in over two months. Today's closing price of 13107.10 marks the highest close since May 22nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 12905.67, the index confirms its breakout through the prior session's high having traded €230.30 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (DAX as at Jun 14, 2018):
Thursday's trading range was €335.31 (2.62%), that's far above last trading month's daily average range of €167.15. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 12925.24 today, it is now likely to act as support going forward. After having been unable to move lower than 12781.23 in the previous session, DAX Index found buyers again around the same price level today at 12800.66.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying might move prices higher should the market test May's nearby high at 13204.31.
With five out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are CAC gaining 1.39% and TECDAX closing 1.39% higher. None of the markets ended the day in the red. Read more