Dax daily: 03 Dec 2019

If you observed yesterday's price action, you know there were a lot of occasions when the market could have simply rolled you over. From the beginning of the session, buyers took the price above 13 300 just as we hinted. Dax reversed shortly after and a big sell-offs happened. The entire day's range was an outrageous 380 points. The freefall was stopped only at the round number of 13 000. Talking about the volume, there were a lot of orders waiting at this price which caused Dax to stall around that level and held for the time being.

Important zones

  • Resistance:  13 297
  • Support: 13 000, 13 130

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

Dax opened at 13 000 and the overnight gap has not yet been closed. The statistics suggest the increased probability to close the gap so we'll be eying this scenario first. We don't expect another bearish fall similar to that of yesterday and we rather incline to aim higher for a retest of the levels that were completely ignored due to volatility and strong momentum we've just witnessed. The volume profile of yesterday is now completely empty and it is likely it's about to start filling up.


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