Dax daily: 13 Jul 2020
Appearances are deceptive. Despite Dax opening with a descending gap and back in the consolidation range on Friday morning, it turned out that bearish impulse was a fake one. Contrary, bullish traders took advantage of the lower prices and dominated the entire session. Not only the price corrected the overnight sell-off and closed the gap, but the ascending slope was so prominent that we had no chance to re-enter on a pullback and Dax grew continuously in a clear bullish direction.
Important zones
Resistance: 12 882
Support: 12 592
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today's session hypothesis
Dax feels a positive sentiment and the price opened with a big ascending gap over the weekend, at 12 835. The first morning impulses almost retested the resistance level at 12 882. Thursday's VPOC is printed at 12 635 and there is a support of 12 592 in its close vicinity, giving the area the needed importance. We incline to retest at least one of these levels and then aim the resistance at 12 882. There are no macroeconomic events scheduled for the day and we'll monitor the behaviour of the US Indices and the correlation of Dax to their price development.
Important zones
Resistance: 12 882
Support: 12 592
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today's session hypothesis
Dax feels a positive sentiment and the price opened with a big ascending gap over the weekend, at 12 835. The first morning impulses almost retested the resistance level at 12 882. Thursday's VPOC is printed at 12 635 and there is a support of 12 592 in its close vicinity, giving the area the needed importance. We incline to retest at least one of these levels and then aim the resistance at 12 882. There are no macroeconomic events scheduled for the day and we'll monitor the behaviour of the US Indices and the correlation of Dax to their price development.
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