Dax daily: 18 May 2020

For Friday, we expected the attempt to retest the resistance at 10 523. Dax managed to get there early in the morning session and bounced back down to 10 377. Take a look that this level is not an ordinary price zone as it's marked as the VPOC of Thursday. This was where buyers stepped in again and took Dax back to 10 523, yet without a breakout. The week was closed at this significant level and the price only jumped higher over the weekend.

Important zones

  • Resistance: 10 999
  • Support: 10 523

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

Dax opens the week with an ascending gap, priced at 10 613 and continues in the direction of the gap. The price is now ranging again between 10 523 and 10 999. We have marked the main resistance as 10 999 but this level is nowhere near and we don't anticipate to get there today. All in all, we incline to see a bullish price action today.

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