Dax daily: 01 Oct 2019

Welcome to the first analysis of October. Yesterday's analysis was yet another success. Soon after the open, the price rose sharply upwards. We saw a proper bearish reaction of some 40 points from the resistance zone at 12 390. Shortly after that, bulls stepped in to dominate the price action until the session end. Dax closed near it's intraday high and today we open with an ascending gap.

Important zones

  • Resistance:  NIL
  • Support: 12 386, 12 315, 12 427

Statistics for today

Macroeconomic releases

  • 09:15 - 10:00 CEST - Eurozone PMIs

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Today's session hypothesis

For today, we can expect the bearish attempts to push the price lower to yesterday's range. We can find some buyers for higher prices at around 12 427 or 12 386. If they appear at 12 427, it is likely we see an aggressive move upwards to retest the swing high at 12 494. If we have a look back at 18 Sep, the price is now in the consolidation area so the action might be slower. Watch out for the Manufacturing PMI reports from Eurozone countries.

 

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