Dax daily: 06 Jan 2020

Friday's session was fully in charge of sellers. The gap that was formed remained unclosed and instead, Dax closed the gap which was formed on the session break of a new year. The price closed at 13 115 where we saw a correction to 50% Fibo. The zone at 13 235 we've mentioned eventually served its purpose as resistance and sent Dax lower after the initial breakout. The sellout continues with today's open as we have another descending gap in place.

Important zones

  • Resistance:  13 235
  • Support: 13 018

Statistics for today

Macroeconomic releases

  • 09:15 - 10:00 CET - Eurozone PMIs

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Today's session hypothesis

Today's session opened with 67 points descending gap. The price is now below Friday's session and the retest to the upside and the gap closure seems improbable as per the historical statistics. For this purpose, we'd rather incline to see another bearish day to the downside, possibly retesting 13 018 which is the nearest support level from the last weeks.

 

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