Dax daily: 08 Jun 2020Welcome to the new trading week. Our analysis on Friday turned out very successful, again. According to our statistical application, we saw the closure outside of the previous day range as this hypothesis had a high statistical probability. Dax continued in its bullish traction all the way towards the resistance level at 12 882 and the NFP print helped considerably in this. We haven't yet seen the correction.
Important zones
Resistance: 12 882, 13 119
Support: 12 592
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
NIL
Today's session hypothesis
A strong uptrend is underway and nothing suggests it should change. For some time already, we anticipate the correction, but Friday's NFP release hasn't really supported this vision, quite the contrary. There is a wave of optimism in the US markets but this is considered unsubstantiated if not false by many analysts. We'll only see the real economic impact of the coronavirus crisis with a delay. The US Indexes reacted to the labour data with obvious positivism and Nasdaq has printed another new record high, wiping out the entire crisis sell-off as if nothing happened. Dax is enjoying this correlated wave of markets optimism. The volume of orders has shifted higher to 12 800 and this week opened at this level, without a significant gap. Until we get some signs of a correction, we prefer to follow the trend with entries at pullbacks.
