Good morning traders, it’s Monday the 9th of March and time for today’s German DAX 30 analysis. The huge gap this morning may offer the most obvious opportunity for traders this morning, especially if it looks to attempt a close. Keep an eye out for that and be careful not to get trapped.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 tag a session high of 11857 and a session low of 11423 giving us a range of 434 points. When you compare that to the average daily range of 423, you can see we still have massively elevated numbers. These numbers mean we need huge stop losses to trade intraday, which puts enormous strain on our bankroll. So whilst conditions can often be favourable when volatility is higher, we also have much more dangerous positions. Overall, after considering the previous day’s price action, it’s clear we had a bearish session that ended up 294 points lower on the day.
Where Is The DAX 30 Heading?
The DAX 30 Index index is currently heavily Bearish, showing a progressive series of lower lows and lower highs. The DAX has crashed through 11,000 like it wasn’t even there. Find a day with a larger daily loss than this.
Coronavirus is still the main scapegoat, although so are the international oil markets, after the failed negotiations of the leading oil countries. The oil price fell by 30 percent. This is the worst slump in almost 30 years.
Surprisingly, German exports did not increase in January. The seasonally adjusted exports were at the level of the previous month, the Federal Statistical Office announced on Monday in Wiesbaden. Economists, on the other hand, had expected an average increase of 0.9 percent. However, imports rose by 0.5 percent. The trade surplus fell from EUR 15.2 billion in the previous month to EUR 13.9 billion. Economists had expected a slight increase to 15.3 billion. The current account surplus fell by 8.2 billion to 16.6 billion euros.
DAX Levels To Watch
Moving over to the key levels to watch today, watch out for the previous session Point of Control (POC) at 11525. Today’s initial balance is between 10567 and 10862, so watch for a momentum break of either of those two levels. The value area high is currently 11604 and the value area low is currently 11462.Here are some more levels to watch out for:
- The 5 EMA (Daily): 11519
- The 8 EMA (Daily): 11796
- The 50 EMA (Daily): 12891
- The 200 EMA (Daily): 12688
DAX Technical Indicators
|Stochastic||K: 12 and D: 9|
|Point of Control (POC)||11525|
|Value Area High (VAH)||11604|
|Value Area Low (VAL)||11462|
|The DAX Pivot||11611|
|The DAX R2||12045|
|The DAX S2||11176|
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