DAX finds support at 100-day moving average


DAX Index (DAX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
DAX closes below its opening price unable to hold early session gains
DAX pushes through 100-day moving average
DAX finds support at 100-day moving average
DAX closes higher for the 2nd day in a row
DAX pushes through previous session high
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, DAX ended the week 0.36% higher at 12540.73 after gaining €47.76 (0.38%) today. Trading €34.56 higher after the open, the stock index was unable to hold its gains as the bears took control ending the day below its opening price. Closing above Thursday's high at 12505.20, DAX Index confirms its breakout through the previous session's high having traded €78.59 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for DAX
Volatility

Friday's trading range was €84.49 (0.67%), that's below last trading month's daily average range of €148.16. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to the key resistance level at 12608.70. After trading as low as 12499.30 during the day, the index found support at the 100-day moving average at 12526.97.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. DAX managed to break above the 100-day moving average at 12526.97 today for the first time since July 9th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 12639.79 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 12398.47 where further sell stops might get activated.

Conclusion

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

Market Conditions for DAX Index
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bullish Bounce off SMA 100 TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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