Dax daily: 17 Jan 2020

As for yesterday, we anticipated Dax to remain in the range between 13 386 and 13 522 which turned out to be the case. The support level at 13 386 functioned well and repeatedly repelled sellers there. The intraday session formed a V shape with the close slightly higher at 13 458.

Important zones

  • Resistance:  13 522
  • Support: 13 386

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

Friday's session opened with a gap sized 36 points. The statistical probability of closing this gap in the market structure was historically around 50% so we're faced with indecisive statistics today. If we look back at the past sessions, we clearly identify the range in which the price consolidates. No breakout to either side was successful so far. If we consider yesterday's rejection as a bullish signal, then we'll focus to go long on the breakout of 15 522. Contrary, if Dax continues to decline and touches 13 386, it is likely this support might no longer hold as it was retested a couple of times. We need to see a breakout to either side.

 

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