DAX dominated by bears dragging the market lower throughout the day

DAX Performance-Index (DAX) Technical Analysis Report for Jul 11, 2018 | by Techniquant Editorial Team


DAX tanks -1.53% closing €192.72 lower
DAX breaks key support level
DAX dominated by bears dragging the market lower throughout the day
DAX breaks below 100-day moving average
DAX fails to close above 20-day moving average


DAX finished Wednesday at 12417.13 losing €192.72 (-1.53%). This is the biggest single day loss in over two weeks. Today's closing price of 12417.13 marks the lowest close since July 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 12530.71, DAX Index confirms its breakout through the previous session's low having traded €132.24 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (DAX as at Jul 11, 2018):

Daily technical analysis candlestick chart for DAX Performance-Index (DAX) as at Jul 11, 2018

Wednesday's trading range was €116.28 (0.93%), that's below last trading month's daily average range of €163.85. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.

Breaking below the key support level at 12439.91 today, it is now likely to act as resistance going forward. After spiking up to 12514.75 during the day, the index found resistance at the 20-day moving average at 12509.46.

The stock index shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market broke below the 100-day moving average at 12525.01 today for the first time since June 25th.

Further selling could move prices lower should the market test June's close-by low at 12104.41.

With five out of the other five Major European Indices closing lower today, the ones that stand out on the negative side are CAC losing -1.48% and FTSE closing -1.3% lower. None of the markets managed to end the day in the green. Read more

Market Conditions for DAX as at Jul 11, 2018

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