Dax daily: 26 Mar 2020

Dax started with an immediate upward move yesterday, yet we saw a sharp retracement of the initial run. The price returned down to 9 469 which functioned earlier as a resistance zone, this time it served as a perfect support level. This area held strong and buyers found their breath to get the price higher from there. The fair value has been set at 9 887, near the psychological number of 10 000.

Important zones

  • Resistance: 10 270
  • Support: 9 469

Statistics for today

Macroeconomic releases

  • NIL

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Today's session hypothesis

Dax opens the day levelled at 9 600 and is approaching the support zone around 9 469. Are we to retest this again? This S/R zone functioned perfectly yesterday, but if the price gets there today again, it will be the third retest in a row. Considering the fact the zone is weaker as it's being pinged repetitively, chances are we'll get lower to 9 270. On the other hand, Dax might be again heading up to 9 887.

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