Dax daily: 07 Jan 2019

Friday’s price development was quite unexpected. Dax rose towards the resistance at 10 600 where it stopped twice as anticipated. The price was balancing around this level until 14:30 when the US NPF and Canadian labour reports came out. As a result of these fundamentals, DAX was influenced and shot steeply upwards, creating an uptrend of some 350 points.

Important zones

  • Resistance: 10 891
  • Support: 10 681, 10 630

Statistics for today

Macroeconomic releases

  • 16:00 CET – USA – ISM Non-Manufacturing PMI

Today’s session hypothesis

Today, we expect a further uptrend towards 10 891 where we could find some sellers. If the price goes above, we estimate some slowdown or attacking the 10 983 level. In the following days, we anticipate testing the major target at 11 143. If sellers dominate the market, then we have two support zones nearby at 10 681 and 10 630. If these two zones are broken, then tomorrow we can expect the closure of the gap at 10 429.