DAX closes within previous day's range
DAX Performance-Index (DAX) Technical Analysis Report for Jun 08, 2020 | by Techniquant Editorial Team
DAX ended Monday at 12819.59 edging lower €28.09 (-0.22%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (DAX as at Jun 08, 2020):
Monday's trading range has been €242.18 (1.9%), that's slightly above the last trading month's daily average range of €232.90. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for DAX.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 11450.75. The last time this happened on June 4th, DAX actually gained 3.36% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
With five out of the other five Major European Indices closing lower today, the ones that stand out on the negative side are TECDAX losing -1.78% and N100 closing -0.71% lower. None of the markets managed to end the day in the green. Read more