DAX ends the day on a bullish note closing near the high of the day
DAX Index (DAX) Technical Analysis Report for Sep 14, 2018
Moving higher for the 3rd day in a row, DAX ended the week 1.38% higher at 12124.33 after gaining €68.78 (0.57%) today. Today's closing price of 12124.33 marks the highest close since September 4th. Trading up to €33.79 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was €58.96 (0.49%), that's far below last trading month's daily average range of €109.00. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 12135.64. After having been unable to move above 12129.81 in the previous session, the index ran into sellers again around the same price level today, failing to move higher than 12134.54.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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