Dax daily: 17 Sep 2019

Yesterday's session range was quite below average. Dax was moving sideways without any clear direction and no significant momentum was seen. The price retested our resistance zone at 12 420 where it bounced off, but no other action to capitalize on was seen.

Important zones

  • Resistance:  12 420
  • Support: 12 310

Statistics for today

Macroeconomic releases

  • 11:00 CEST - German ZEW Economic Sentiment

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Today's session hypothesis

For this morning, we'll stick to our classics. The gap closure has a very favourite chance so we'll focus on this one first. The price opened with a short gap which is sized 17 points and gaps of this value were always closed in the past. One more hint to support our analysis is the fact we're at the lower band of yesterday's range and this could also serve as a reasonable support. Bearish traders didn't go below 12 360 yesterday so we'll have to monitor this in today's session. Should yesterday's low be broken, then the level of 12 310 is likely to be retested if there isn't any unexpected surge in volatility. If the gap is closed and the price continues to climb, the resistance at 12 420 remains valid.

 

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