Friday's volatility was a bit unusual and we attribute that to profit-taking towards the month end. After the market opened, the price descended to 13 160 just to find buyers who were able to climb up to 13 290. The bullish momentum didn't last long and Dax corrected lower to close at 13 227.
- Resistance: 13 297
- Support: 13 000, 13 130
Statistics for today
- Detailed statistics in the Statistical Application
- The statistical probability of closing the gap is only 39%
- 09:15 - 10:00 CET - Eurozone PMIs
Today's session hypothesis
Today's session is not going to be easy. We are still mid-way ranging between 13 207 and 13 297 and we have no clues to estimate any clear direction. Statistics suggest that gap closure is not really probable, having a low print for today. This could favour a bullish bias but it's necessary to stay alert and monitor price action around the famous resistance level of 13 297. The breakout of this zone is not in our cards for today but the retest could easily happen again.