DAX snaps to lowest close since March 6th


DAX Index (DAX) Technical Analysis Report for Mar 13, 2018 [1 min read]
Highlights
DAX tanks -1.59% closing €197.36 lower
DAX breaks key support level
DAX dominated by bears dragging the market lower throughout the day
DAX breaks below 20-day moving average
DAX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for DAX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Conclusion

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.

Market Conditions for DAX Index
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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