Dax daily: 10 Jul 2020
For yesterday, we expected bulls to attempt for higher levels. The morning session was positive in this sense, but then we saw a rapid sell-off, even below 12 494. This is where the support level functioned nicely but the momentum wasn't that strong co correct the down push.
Important zones
Resistance: 12 494, 12 592
Support: 12 151
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today's session hypothesis
The price opened with a significant descending gap, priced at 12 418. We are now far below 12 494 which changes our lookout from the previous days. As a matter of fact, the drop signifies that bulls are not present in the market or they are not willing to push the price higher under current market circumstances. We now have to re-evaluate the directional bias, based on the signals we spot in the price action. Since Dax opened below the support level, the price can easily continue to lower levels. The zone around 12 278 is the real support area we could target.
Important zones
Resistance: 12 494, 12 592
Support: 12 151
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today's session hypothesis
The price opened with a significant descending gap, priced at 12 418. We are now far below 12 494 which changes our lookout from the previous days. As a matter of fact, the drop signifies that bulls are not present in the market or they are not willing to push the price higher under current market circumstances. We now have to re-evaluate the directional bias, based on the signals we spot in the price action. Since Dax opened below the support level, the price can easily continue to lower levels. The zone around 12 278 is the real support area we could target.
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