Dax daily: 31 May 2019
As we anticipated, the support level of 11 861 held the price pretty strongly for the entire session and didn’t allow sellers to go any deeper. The gap was then closed and the intraday trading closed priced 11 918.
Important zones
Resistance: 11 861
Support: 11 735
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today’s session hypothesis
After yesterday’s successful day for buyers, we came surprised to see the strength of the morning gap. This one is sized with some 140 points which is quite unusual. Dax has now entered the zone below the significant support levels and this is where the price was for the past two months. The first price action level where it is likely for the price to stall is the level laying around 11 735. With the gaps of such size, it is more likely the price continues in the gap direction and it’s close is then less probable.
Important zones
Resistance: 11 861
Support: 11 735
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today’s session hypothesis
After yesterday’s successful day for buyers, we came surprised to see the strength of the morning gap. This one is sized with some 140 points which is quite unusual. Dax has now entered the zone below the significant support levels and this is where the price was for the past two months. The first price action level where it is likely for the price to stall is the level laying around 11 735. With the gaps of such size, it is more likely the price continues in the gap direction and it’s close is then less probable.
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