DAX snaps to lowest close since March 6th
DAX Index (DAX) Technical Analysis Report for Mar 13, 2018
DAX finished Tuesday at 12221.03 tanking €197.36 (-1.59%). This is the biggest single day loss in over a week. Today's closing price of 12221.03 marks the lowest close since March 6th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 12361.01, the index confirms its breakout through the previous session's low having traded €198.54 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Tuesday's trading range was €297.43 (2.39%), that's far above last trading month's daily average range of €177.59. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.
Breaking below the key support level at 12379.16 today, it is now likely to act as resistance going forward. After having been unable to move above 12454.96 in the prior session, DAX Index ran into sellers again around the same price level today, failing to move higher than 12459.90.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The market broke below the 20-day moving average at 12338.85 today for the first time since January 30th.
Even though both sentiments are bearish for the next trading day, our quantitative statistics are only bearish while the classical technical analysis metrics show a very bearish sentiment.
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