Dax daily: 26 Sep 2019

From the statistical point of view, Wednesday's analysis has, yet again, proven a point about the power of the numbers and historical occurrences. Tuesday's low was broken out relatively early after the market open and the short direction continued with another 90 points. After the morning price drop, buyers stepped in just to correct the action to the open level. It was an interesting day where aggressive sellers fought with aggressive buyers. Today we open with a descending gap.

Important zones

  • Resistance:  12 321, 12 248
  • Support: 12 031, 12 179

Statistics for today

Macroeconomic releases

  • 15:30 CEST - ECB President Draghi speaks
  • 15:45 CEST - BoE Governor Carney speaks

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Today's session hypothesis

From the beginning of the session, we hope to see buyers closing the gap and being replaced by bearish traders who could take Dax through the support level at 12 179 to break the low. In the ideal situation, the support level of 12 179 might be retested yet before the gap closes and could serve us as a bounce level. If we don't find sellers at 12 248, it is likely the price will retest another resistance at 12 321.

 

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