DAX finds buyers at key support level

DAX Index (DAX) Technical Analysis Report for May 16, 2018

Highlights

DAX finds buyers at key support level
DAX still stuck within tight trading range
DAX closes within previous day's range after lackluster session
DAX ends the day indecisive

TQ Sentiment

Report Sentiment: 16% Bullish
Technical Forecast:

Overview

DAX ended Wednesday at 12996.33 gaining €26.29 (0.2%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for DAX

Volatility

Wednesday's trading range was €70.23 (0.54%), that's below last trading month's daily average range of €109.09. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 12918.29 and 13034.21 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 12960.53 during the day, the market bounced off the key support level at 12961.05. The failure to close below the support could increase that levels importance as support going forward.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 13034.21 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 12918.29 where further sell stops could get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for DAX Index

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