Dax daily: 31 Oct 2019

Wednesday's session has been a wild ride. Dax first ascended to retest the trend line we've drawn and exemplary there were sellers taking the price down from there. In the early afternoon London session, US Advance GDP was released and Dax reacted with a volatile drop, just to correct itself shortly after. The support level at 12 872 functioned for another bullish correction. FOMC supported another upward push. Today we open with a descending gap.

Important zones

  • Resistance:  NIL
  • Support: 12 903, 12 886

Statistics for today

Macroeconomic releases

  • 08:45 - 12:00 CEST - series of lower graded releases from the Eurozone

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Today's session hypothesis

For today, we estimate a slight consolidation and a drop towards the support zone at 12 903 or even at 12 886. Buyers are likely to step in at these levels heading to a high swing from 28 Oct. On the other hand, if the price stalls without a clear direction, then a choppy day can be expected as is usual after the FOMC day.

 

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