Dax daily: 06 May 2019

Our Friday’s support at 12 337 turned out absolutely spot on.

Dax first retested the support we pinpointed and bulls appeared right when needed. The US NFP report popped in at 2:30 pm and this brought the volatility into markets and the bearish momentum for Dax. After two hours of price fall, buyers stepped in again and dominated the price action until the session end. Due to the US-China trade developments and Trump’s comments, Dax is opening with a massive descending gap.

Important zones

  • Resistance: 12 292, 12 384
  • Support: 12 167, 12 136, 12 052

Statistics for today

Macroeconomic releases

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

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Today’s session hypothesis

We have a very significant gap today and we hope to find some buyers around 12 167 or even near 12 136 and go straight towards the resistance at 12 292. The other resistance laying at 12 384 is relatively far away. It’s important to mention that the first trading hour reflects quite a bit range. Therefore, it is likely to expect an active session, where normally big stop-losses don’t necessarily need to be sufficient enough.