Dax daily: 24 Jul 2020
For yesterday, we expected the retest of 13 235 followed by a possible correction to the downside. Buyers were not able to get all the way to this level as bears took dominance of the market. The whole intraday session was then characterized in a clear directional move to the downside and this lasted till the close. Dax corrected its uptrend of the past days and the pice is comfortably below 13 119 and near the support of 12 882.
Important zones
Resistance: 13 119, 13 235
Support: 12 882
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
09:15 - 10:00 CEST - Eurozone PMIs
Today's session hypothesis
After seeing yesterday's price action with the close at its low, the scenario offered itself to break the previous day's low. Regardless, Dax opened with a descending gap and fulfilling this thesis right away. At the time of writing, the price is correcting its drop and chances are to see the gap closure early in the morning trading session. We anticipate today's session to remain above the support level of 12 882.
Important zones
Resistance: 13 119, 13 235
Support: 12 882
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
09:15 - 10:00 CEST - Eurozone PMIs
Today's session hypothesis
After seeing yesterday's price action with the close at its low, the scenario offered itself to break the previous day's low. Regardless, Dax opened with a descending gap and fulfilling this thesis right away. At the time of writing, the price is correcting its drop and chances are to see the gap closure early in the morning trading session. We anticipate today's session to remain above the support level of 12 882.
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