Germany’s largest money house has [so far] come through the corona crisis better than most people expected, which will please investors. The share rises by nearly 2 percent, making it one of the biggest DAX winners. In the second quarter, Deutsche Bank achieved a pre-tax profit of over €150million. The figures exceeded the analysts’ revised earnings forecasts and goes to show that there is still ‘some life left in the old girl’. Finally some good news from Deutsche Bank.
29-07-2020 DAX 30 Analysis
Good morning traders, it’s Wednesday the 29th of July and time for today’s 29-7-2020 German DAX 30 analysis. Watch out for the FOMC later today. As the Fed are likely switching to an outcome-based forward guidance, it means rates will be pinned to inflation. So it’s unlikely that any major announcements will come today. Rates are expected to remain unchanged.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 touch a session high of 12909 and a session low of 12805 giving us a range of just 104 points compared to the average daily range of 219. At the close of play last session, the market closed at 12883 which was 879 points above the 200EMA and 554 points above the 50EMA.
DAX 30 Outlook
The DAX is currently Bearish.
The DAX30 index is currently showing a progressive series of lower lows and lower highs. The DAX is gradually breaking to new lows, but not with any significant momentum. And we can actually see a pitchfork on the chart below suggesting there is a bounce opportunity to watch. The trend defining level is currently 13214, so the market remains bearish below that level. In order for the market to remain bearish, we need to take out 12773. I will be looking to use the DAX trading strategy to provide some useful setups today.
DAX 30 Index Key Levels
Moving on to the key levels to watch today, watch out for the previous session Point of Control (POC) at 12873 and the previous session Volume Weighted Average Price (VWAP) at 12861. The value area high (VAH) is currently 12881 and the value area low (VAL) is currently 12841.
DAX Technical Indicators
| Indicator | Value |
|---|---|
| RSI | 61 |
| Stochastic | K: 20 and D: 34 |
| MACD OSMA | -27 |
| Point of Control (POC) | 12873 |
| Value Area High (VAH) | 12881 |
| Value Area Low (VAL) | 12841 |
| The DAX Pivot | 12866 |
| The DAX R2 | 12970 |
| The DAX S2 | 12762 |
| Daily 5 EMA | 12912 |
| Daily 8 EMA | 12909 |
| Daily 50 EMA | 12329 |
| Daily 200 EMA | 12004 |
As for my index trading; during the last trading session I took a total of 3 trades (2 DAX trades and 1 FTSE trade). Breaking down my DAX trades, 1 was from the DAX trading strategy (DTI) and 1 was from the regular morning DAX signal. Breaking down my FTSE trade, 1 was from the FTSE trading strategy (Using the DAX DTI) and 0 were from the regular morning FTSE signal. Overall, I hit 0 winners, 3 losers, and 0 break-even trades. This gave me a total profit of -3% for the day.
To keep a track of the trading results, you can read the dax trading spreadsheet. In order to get access to the signals and to the strategy, you will need to be a member of the site. Find out more about membership.
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