DAX snaps to lowest close since March 6th

DAX Performance-Index (DAX) Technical Analysis Report for Mar 13, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (DAX as at Mar 13, 2018):

Daily technical analysis candlestick chart for DAX Performance-Index (DAX) as at Mar 13, 2018

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.

With five out of the other five Major European Indices closing lower today, the ones that stand out on the negative side are FTSE losing -1.05% and N100 closing -0.82% lower. None of the markets managed to end the day in the green. Read more

Market Conditions for DAX as at Mar 13, 2018

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