Dax daily: 21 May 2020

Dax behaved exactly as we predicted and the price respected the key level of 11 000. This is where we expected buyers to step in and so it happened. After a quick retest in the early morning hours, Dax took a northern direction and continued its way up towards our previously marked resistance at 11 262 where it fell short just a few points, but creating daily high. This signifies a bullish sentiment.

Important zones

  • Resistance: 11 262
  • Support: 11 000

Statistics for today

Macroeconomic releases

  • 09:15 - 10:00 CEST - Eurozone PMIs

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Today's session hypothesis

Thursday opens with a descending gap, being of medium size and the chance of closing is actually on the table. After some time, we can also use the statistical probability of in favour of the bullish bias. The Statistical application suggests the breakout of high being more probable than low. Having the bullish sentiment in mind, the gap structure and the statistical hint, we favour bullish trading. However, 11 000 is the strong zone which could be attractive for the market participants and there is a row of fundamental releases scheduled for the day so the discretion is advised.

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