DAX rockets, gaining €188.26 (1.41%) within a single day

DAX Performance-Index (DAX) Technical Analysis Report for Jan 24, 2020 | by Techniquant Editorial Team


DAX soars, gaining €188.26 (1.41%) within a single day
DAX rises to highest close ever
DAX dominated by bulls lifting the market higher throughout the day


DAX ended the week 0.37% higher at 13576.68 after surging €188.26 (1.41%) today. This is the biggest single-day gain in over three months. Today's close at 13576.68 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session.

Daily Candlestick Chart (DAX as at Jan 24, 2020):

Daily technical analysis candlestick chart for DAX Performance-Index (DAX) as at Jan 24, 2020

Friday's trading range has been €94.06 (0.7%), that's slightly below the last trading month's daily average range of €111.71. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DAX.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, DAX actually lost -0.30% on the following trading day.

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

Buying might speed up should prices move above the close-by swing high at 13640.06 where further buy stops could get activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for DAX. Out of 362 times, DAX closed higher 53.31% 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 59.94% with an average market move of 0.47%.

With five out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are TECDAX gaining 1.76% and FTSE closing 1.04% higher. None of the markets ended the day in the red. Read more

Market Conditions for DAX as at Jan 24, 2020

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