Dax daily: 08 Nov 2019

As we pointed out, yesterday's positive sentiment was caused by the morning headlines that the US & China are about to cancel existing tariffs. The session beginning was fast and the rest of the day was spent on the higher levels, where the price closed as well and this is a piece of positive news for bulls.

Important zones

  • Resistance:  13 297
  • Support: 13 207, 13 166

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

We opened with a descending gap priced at  13 236 and the chances are slightly inclined to the gap closure in today's session. This scenario makes sense from the Price Action and auction theory perspective as well. After yesterday's growth, we established those levels as valid as the market participants realized their orders there. This consolidation area could now be retested and the resistance at 13 296 is the last barrier for further growth. If we don't get over that level, a descend towards 13 166 is expected.

 

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