DAX breaks below previous session low


DAX Index (DAX) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
DAX dominated by bears dragging the market lower throughout the day
DAX ends the day on a bearish note closing near the low of the day
DAX breaks below previous session low
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

DAX ended Monday at 12391.41 losing €50.99 (-0.41%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 12411.65, the market confirms its breakout through the previous session's low having traded €36.02 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

Monday's trading range was €111.41 (0.89%), that's below last trading month's daily average range of €158.30. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

Notwithstanding a strong opening the stock index closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 12333.79.

Trend

While DAX Index is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 12523.97 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 12256.59 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for DAX Index
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Bounce off SMA 100 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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