Dax daily: 08 Oct 2019

Monday's session turned out spot on, exactly as we predicted. Dax descended towards the support zone at 11 969 where buyers stepped in to flex their muscles. The steady bullish momentum created took the price above Friday's high, which we highlighted had a 90% statistical probability of being broken. Once this statistic was fulfilled, Dax retested the resistance zone at 12 124 where we saw a much needed bearish correction.

Important zones

  • Resistance:  12 214
  • Support: 12 065

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

From the beginning of the session, sellers could take the price lower to retest the 12 065 which might be an area interesting for buyers. We'd like to see the continuation of a bullish run and the price retesting another resistance level at 12 214. Should Dax drop below 12 065, it is likely to expect a slowdown and close inside yesterday's range.

 

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