DAX climbs to highest close since February 24th


DAX Performance-Index (DAX) Technical Analysis Report for Jun 05, 2020 | by Techniquant Editorial Team

Highlights

DAX rises to highest close since February 24th
DAX dominated by bulls lifting the market higher throughout the day
DAX ends the day on a bullish note closing near the high of the day

Overview

DAX finished the week 10.88% higher at 12847.68 after surging €417.12 (3.36%) today. Today's close at 12847.68 marks the highest recorded closing price since February 24th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (DAX as at Jun 05, 2020):

Daily technical analysis candlestick chart for DAX Performance-Index (DAX) as at Jun 05, 2020

Friday's trading range has been €298.60 (2.38%), that's above the last trading month's daily average range of €225.75. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for DAX.

One bullish candlestick pattern matches today's price action, the White Candle.

Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 11355.00 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on Tuesday, DAX gained 3.88% on the following trading day.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the eight 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 363 times, DAX closed higher 53.44% 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 60.06% with an average market move of 0.54%.

With five out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are CAC gaining 3.71% and N100 closing 2.85% higher. None of the markets ended the day in the red. Read more


Market Conditions for DAX as at Jun 05, 2020

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