Dax daily: 08 Feb 2019

Dax started very lazily yesterday and headed upwards as expected. There came the news about further Brexit development that PM May faced a hard time negotiating conditions of Brexit with J.C. Juncker and D. Tusk, and Dax bears reacted along with EUR weakness. Our support zones had no chance to the aggressive sellers. The overall range was a significant 280 points.

Important zones

  • Resistance: 11 100
  • Support: 10 942

Statistics for today

  • Detailed statistics in the Statistical Application
  • The statistical probability for breaking yesterday’s low is 83%
  • The statistical probability for closing outside of yesterday’s range is 73%

Macroeconomic releases

  • NIL

Today’s session hypothesis

Today, we can expect an immediate drop lower, right from the beginning of the session. Buyers could appear around 10 942 and turn price move around to Thursday’s range. If the price goes below 10 942, then we estimate the slow-down in the consolidation area formed between 08 Jan and 17 Jan. Some bearish powers could be anticipated around 11 100.