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The DAX index dropped by more than 3% yesterday and is accelerating its decline today as investors reflect on the rising coronavirus cases. The blue-chip German index is down by almost ten percent this year and has outperformed the Dow Jones, its American peer. Looking at the DAX constituent companies, only 9 of them are in the green this year. The worst performers in the index are Wirecard, Lufthansa, and MTU Aero. In this report, I will look at best-performing stock in the DAX index and whether it is still a buy. Best-performing DAX index constituent: Deutsche Bank Deutsche Bank is the best-performing stock in the DAX index this year, having gained 17%. Shares of the bank have also been among the best performers in the past month. The surprise rally in Deutsche Bank is mostly because of the outperformance of the company’s trading division. In the most recent earnings call, the bank’s revenue of more than 6.3 billion euros was better than what analysts were expecting. As with all banks, Deutsche Bank announced that it was setting aside about $282 million to deal with potential delinquencies. The net income came in at 66 million euros, a sharp decline from 201 million euros in the same quarter in 2019. Investors were pleased with the investment division. The firm’s premier trading segment rose by 13%, which was better than what most banks reported. Deutsche share price has also accelerated because of a recent statement by Christian Sewing, the CEO. In the statement, he said that momentum in the trading division was continuing to increase in the second quarter. The bank’s price has also been because of the increased investment by the German government. The Angela Merkel administration is pumping billions of euros into the economy in a bid to push it back to growth. Also, investors are excited about the cost-cutting measures that Sewing is implementing. So, is the best-performing DAX index member a buy? I think so considering that volatility is increasing, which is a good thing for Fixed Income, Commodities, and Currencies (FICC) division. Also, the current rescue package by the government will help cushion the bank. Download our Q2 Market Global Market Outlook Notable names in the DAX today The best-performing DAX index company is Lufthansa, whose share price has jumped by more than 13%. This is because shareholders are expected to approve the rescue package by the government. Bayer share price has jumped by more than 2% after the company reached an agreement with litigants. Other notable gainers are Henkel and Daimler. On the other hand, the worst performers are E.ON, SAP, Fresenius, and Merck. DAX index technical analysis On the daily chart, the DAX index is down for the second straight day. It is trading at €12,065, which is lower than this month’s high of €12,915. The price is still above the 50-day and 100-day EMAs and between the 61.8% and 78.2% Fibonacci retracement level. Also, the price has moved below the island reversal pattern that I mentioned yesterday. This means that the price may continue falling as bears target the important support at €11,578. On the flip side, a move above €12,559 will invalidate this prediction. This is the highest level this week.