Wirecard are gone and Delivery Hero have arrived. Well, they’ve been around for some time, but they take Wirecard’s place on the DAX. The company is growing rapidly in the Middle East, Asia and North Africa. In Europe only in Northern and Eastern European countries. So it makes next to zero money in Germany and has little growth potential… very odd. They have Strong start this morning already, breaking up above the Friday high. Assuming the market pulls back at some point during today’s session, let’s see if the market can hold 12879 which is Friday’s point of control.
Good morning traders, it’s Monday the 24th of August and time for today’s 24-8-2020 German DAX 30 analysis.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 find a session high of 12940 and a session low of 12629 giving us a range of 311 points compared to the average daily range of 217. At the close of play last session, the market closed at 12795 which was 657 points above the 200EMA and 216 points above the 50EMA.
DAX 30 Bias
The DAX is currently Neutral.
The DAX Index index is currently Neutral with no specific trend. In fact we are pretty much range bound between 12629 and 13054, so we can either look to fade the two extremes assuming the range trading continues, or wait for a breakout above 13054 or below 12629. It’s a massive range and only exists because this morning we broke the bearish trend-defining levels. So right now the market has little directional bias. A range trading strategy may prove most effective until a new trend asserts itself.
Important DAX Levels
As for the key levels to watch today, watch out for the previous session Point of Control (POC) at 12879 and the previous session Volume Weighted Average Price (VWAP) at 12794. The value area high (VAH) is currently 12915 and the value area low (VAL) is currently 12748.
DAX Technical Indicators
| Indicator | Value |
|---|---|
| RSI | 64 |
| Stochastic | K: 71 and D: 56 |
| MACD OSMA | -4 |
| Point of Control (POC) | 12879 |
| Value Area High (VAH) | 12915 |
| Value Area Low (VAL) | 12748 |
| The DAX Pivot | 12788 |
| The DAX R2 | 13099 |
| The DAX S2 | 12477 |
| Daily 5 EMA | 12893 |
| Daily 8 EMA | 12881 |
| Daily 50 EMA | 12579 |
| Daily 200 EMA | 12138 |
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As for my index trading; during the last trading session I took a total of 5 trades (3 DAX trades and 2 FTSE trades). Breaking down my DAX trades, 1 was from the DAX trading strategy (DTI) and 2 were from the regular morning DAX signal. Breaking down my FTSE trades, 0 were from the FTSE trading strategy (Using the DAX DTI) and 2 were from the regular morning FTSE signal. Overall, I hit 1 winner, 4 losers, and 0 break-even trades. This gave me a total profit of -1% 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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