Dax daily: 14 May 2020

Yesterday, we saw a bearish session just as expected. Dax took a southern direction and sliced through our support zone of 10 523, without stopping. We were targeting this level so we call it a success. The price reached even lower to 10 430 where trading activity prevails after Dax opened with a descending gap. Our bias is now bearish.

Important zones

  • Resistance: 10 630
  • Support: 10 270

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

After seeing yesterday's sell-off, nothing really points to any correction. Dax now has a free space to descend towards 10 270 and we see this scenario as very likely. Should we see the upside correction, there is a significant resistance zone up at 10 630 which is yesterday's fair value with the biggest amount of orders.

 

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