Dax daily: 03 Jun 2019

The last session of May closed in red numbers when the price continued its drop in the descending gap direction, just as we anticipated. Those last few bearish days erased all the gains from the past two months and we are now in the territory where the price was at the beginning of April this year. This confirms the known theory that bulls walk up the stairs, while bears jump out the window.

Important zones

Resistance: 11 788
Support: 11 620

Statistics for today

Detailed statistics in the Statistical Application
The statistical probability of closing the gap today is only 30%

Macroeconomic releases

09:15 – 10:00 CEST – Eurozone PMIs

Today’s session hypothesis

The first trading day of June started optimistic on Dax . Bulls are in a lead it appears they might have enough power to close the weekend gap. This one is sized 70 points and doesn’t close often. It is likely there is a weaker resistance level on Friday’s close, which could be a bounce point for further sells. Should the price descend below 11 620, it is likely we see further selling pressure.
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