Dax daily: 07 Nov 2019

Wednesday's session started with a retest of the resistance zone at 13 143 where we haven't found any buyers. Later in the day, bulls stepped in and took the price higher, retesting another resistance at 13 202 where Dax formed a daily high as well. If you were targeting  13 202 as per our analysis, congrats for a nice profit!

Important zones

  • Resistance:  NIL
  • Support: 13 207, 13 166

Statistics for today

Macroeconomic releases

  • 13:00 CET - Multiple UK reports - refer to the Economic calendar

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Today's session hypothesis

Based on the morning headlines that the US and China agreed to cancel existing tariffs, markets across the board, including Dax, reacted swiftly. Dax jumped upwards right away based on this risk-on sentiment. We advise to carefully evaluate your trades as the market is highly likely to be driven by this news. If we see a correction, another bullish entry could lay around 13 207.

 

 

Why to trade DAX on CFDs? Check out this article about the benefits and disadvantages of this topic.