DAX runs into sellers again around 12029.98

DAX Performance-Index (DAX) Technical Analysis Report for Apr 15, 2019 | by Techniquant Editorial Team


DAX rises to highest close since October 5, 2018
DAX closes above its opening price after recovering from early selling pressure
DAX closes higher for the 4th day in a row
DAX runs into sellers again around 12029.98
DAX closes within previous day's range after lackluster session


Moving higher for the 4th day in a row, DAX ended Monday at 12020.28 gaining €20.35 (0.17%). Today's close at 12020.28 marks the highest recorded closing price since October 5, 2018. Trading up to €27.78 lower after the open, the stock index managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on April 11th, DAX gained 0.54% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (DAX as at Apr 15, 2019):

Daily technical analysis candlestick chart for DAX Performance-Index (DAX) as at Apr 15, 2019

Monday's trading range has been €46.65 (0.39%), that's far below the last trading month's daily average range of €113.63. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for DAX.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Hanging Man.

After having been unable to move above 12031.15 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 12029.98.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 12031.15 where further buy stops might get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for DAX. Out of 97 times, DAX closed higher 52.58% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.82% with an average market move of 0.18%.

With four out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are TECDAX gaining 1.06% and N100 closing 0.16% higher. On the flipside the worst performer has been FTSE closing -0.0% lower. Read more

Market Conditions for DAX as at Apr 15, 2019

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