Dax daily: 08 Jan 2019

Monday’s session started with slight growth, however, the price went to a decline after 9am onwards. The gap with the closure probability of 70% was successfully closed and yesterdays’ support at 10 681 functioned really nicely:

There was even a daily low formed at this zone and the price eventually closed inside the daily range. Today, DAX opens with an ascending gap inside previous day session.

Important zones

  • Resistance: 10 891
  • Support: 10 718, 10 630

Statistics for today

Macroeconomic releases

  • NIL

Today’s session hypothesis

There are no leading clues that could indicate a potential market direction today. On the long side, we have a clear target in the form of 11 135, however, it’s a longer-term target. Today, we can expect a price decline towards the intraday support at 10 718 where we can expect some bullish powers. If the price drops below 10 718, yesterday’s low and the level at 10 630 could be retested. While testing 10 630, the initial support at 10 718 could serve as resistance. If price heads upwards, sellers could enter at 10 891 and if this is broken the price action is anticipated to slow down.