Dax daily: 09 Jul 2019

Yesterday's session was very nice from our point of view. As we highlighted, Dax first went up to close the gap at the resistance level of 12 564. The price then reversed exemplarily and the high intra-day swing was formed as well.

Today, Dax opens with a descending gap and so far, the momentum indicates the retest of the support level laying at 12 391.

Important zones

  • Resistance: 12 504
  • Support: 12 391, 12 329

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

Right now, we are in the gap territory formed between 28 Jun and 01 Jul. For this reason, we anticipate a move towards 12 391 where we could find some buyers. If the support level of 12 391 doesn't hold bearish momentum, then another suitable buy zone is at 12 326. On the other hand, if bulls dominate the market from the beginning, it is likely the price will bounce off the 12 504 for some nice correction. If that doesn't happen, the probability of breaking yesterday's high is still least likely, with only 9% chance of this happening.