Dax daily: 04 Jun 2019

There was no resistance formed at Friday's close. On the other hand, the support level laying at 11 620 that we spoke about in previous analysis functioned as expected. We found a new low here and the control was taken back by buyers who took the price towards the resistance at 11 788. This price zone was also mentioned in our yesterday's analysis and it turned out Dax respected that very nicely too. The price bounced back from there and the session ended at 11 740.

Important zones

  • Resistance: 11 788
  • Support: 11 620

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

Today's session got open pretty much without a gap. The price hovers just below the important resistance level at 11 788 and it appears this could be retested again. Should the price go above that, the next target will be 11 860. If the price does not break 11 788, we anticipate the action below this level in the range of 11 620 - 11 788 without any significant volatility.