Dax daily: 04 Nov 2019

Our Friday analysis estimation was spot on. Dax initially dropped to retest the confluence of the support zone at 12 890 and the trend-line and bounced off that level to higher prices. Bulls sustained the momentum till the end of the week trading. This Monday, we open with yet another huge gap.

Important zones

  • Resistance:  NIL
  • Support: 12 968, 12 944

Statistics for today

Macroeconomic releases

  • 09:15 - 10:00 CET - Eurozone PMIs

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Today's session hypothesis

Past few days, are analysis are very similar, owing to the fact that Dax and other global equities continue scoring higher. This day is no different. We are looking for a price descend to Friday's range where we expect buyers to enter the market around the support levels of 12 968 or even lower at 12 944. Should the price drop below 12 944, it is likely Dax will slow down and close inside Friday's range.

 

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