DAX dominated by bears dragging the market lower throughout the day


DAX Index (DAX) Technical Analysis Report for Jul 11, 2018 [1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 87% Bearish
Technical Forecast:
Overview

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 chart for DAX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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

Conclusion

While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for DAX Index
ConditionForecastDirectionWinAvgWorstBestEvents
Black Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bearish Break through SMA 50 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

DAX breaks below 50-day moving average

Jul 19, 2018
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