Dax daily: 23 May 2019

Even though buyers pushed the price above our resistance, the zone around 12146 was still a significant region where we saw a fight between buyers and sellers. This fight was won by sellers who stopped prices reaching higher levels.

Important zones

  • Resistance: 12 146
  • Support: 12 034, 11 958

Statistics for today

  • Detailed statistics in the Statistical Application
  • Probability of closing inside yesterday’s range: 20%
  • Probability of breaking High and Low: 14%

Macroeconomic releases

  • 9:30 German PMI

Can you pass our Trading Objectives to receive money for Forex trading? Try our Free Trial to get started.

Today’s session hypothesis

Today we’re opening with a descending gap with the size of 54 points. Is that a sign that the DAX does not want to test higher prices? Today’s statistics will support our hypothesis. By using the statistics of breaking either of the extremes, the chance to break a High or Low is 80%. Thanks to the Gap, we are closer to the Low of yesterday’s session, which should now have a higher chance of being broken. Furthermore, the statistics for closing outside of yesterday’s range also supports this thesis. We have a chance of 80% to close outside of yesterday’s range. If sellers enter the market, they could possibly dominate the entire session. Today’s volatility might be influenced by the German PMI, which will be public 9:30 CEST.