Dax daily: 05 Jun 2019

Yesterday’s session is a nice confirmation of a clear support level laying at 11 620. After the price broke out of the 11 778 level, Dax shot up to hit 11 860. The momentum was strong enough and that level didn’t slow the price at all. Bulls went even higher to close at the intra-day high at 11 985, which is btw one of the resistance levels we previously highlighted.

Important zones

  • Resistance: 12 064, 11 986
  • Support: 11 861, 11 778

Statistics for today

Macroeconomic releases

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

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Today’s session hypothesis

The price opened the day without a gap. It is very likely we see some initial correction of yesterday’s bullish momentum, followed by another upside move. If we go long, we shall target the resistance level of 12 064. This price was important in the past and this confirms the occurrence count there. If bulls are not that strong today, we estimate a sideways price action, along with the 11 860 level functioning as our support zone.