Dax daily: 17 Oct 2019

Yesterday's analysis was another bingo. Two nearest zones we pinpointed proved its function. Dax opened at the support zone at 12 598 and closed the gap right at the beginning of the session. The price went up just to stall at our resistance level of 12 676. This level was retested by a few points before we saw a correction in the daily uptrend. Dax then closed the day at 12 652.

Important zones

  • Resistance:  12 676, 12 732
  • Support: 12 598

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

We have a very similar situation to that of yesterday. The first thing we see is a descending gap and our main scenario is the directional move to target 12 732. This time around, however, the correction in the strong bullish sentiment of the past days is very likely. The resistance zone of yesterday functioned pretty well so it's possible that sellers might attempt to suppress further up-move.

 

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