Dax daily: 24 Mar 2020

Dax didn't want to get any lower yesterday. The second scenario won which was the retest of the fair value of  8 900. The order volume remains in the range with the price closing in the middle, confirming the balanced consensus. The consolidation continues.

Important zones

  • Resistance: 9 469
  • Support: 8 230

Statistics for today

Macroeconomic releases

  • 09:15 - 10:00 CET - Eurozone PMIs

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Today's session hypothesis

Dax opened the day with an ascending gap, very close to the top of yesterday's range. Unfortunately, we cannot use the Statistical application for the current market period as we don't have representative probabilities for such volatile values. One hypothesis is buying continuation towards 9 469. The gap is huge again, sized over 300 points, but this is nothing unusual considering the situation of the past few weeks. We also need to consider the scenario of price returning to yesterday's VPOC around 8 700. We have Manufacturing PMIs scheduled in the morning, with very low expectations reflecting the coronavirus impact on the European economy.

 

 

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