Bulls were facing a sad scenario yesterday as the selling pressures continued through the gap closure. The price stalled lower at the support level of 11 985. In the end, bears broke out that zone and Dax closed on its intra-day low at 11 965.
Important zones
Resistance: 12 063
Support: 11 861, 11 922
Statistics for today
Detailed statistics in the Statistical Application
The statistical probability of closing the gap is 41%
Macroeconomic releases
09:00 CEST – German Buba President Weidmann Speaks
09:55 CEST – German Unemployment Change
Today’s session hypothesis
Today, the price opened with pretty much the same gap size as yesterday, but in the opposite direction. The descending gap doesn’t have any strong statistics for closing, but this was very similar yesterday. As support levels, we identified zones laying around 12 922 and 11 861. These levels could have a significance in today’s price action development. If the price goes below 11 922, we estimate the retest of 11 861 with an increased probability. In the opposite scenario, our bias would only be the closure of the gap, targeting 11 965.
Important zones
Resistance: 12 063
Support: 11 861, 11 922
Statistics for today
Detailed statistics in the Statistical Application
The statistical probability of closing the gap is 41%
Macroeconomic releases
09:00 CEST – German Buba President Weidmann Speaks
09:55 CEST – German Unemployment Change
Today’s session hypothesis
Today, the price opened with pretty much the same gap size as yesterday, but in the opposite direction. The descending gap doesn’t have any strong statistics for closing, but this was very similar yesterday. As support levels, we identified zones laying around 12 922 and 11 861. These levels could have a significance in today’s price action development. If the price goes below 11 922, we estimate the retest of 11 861 with an increased probability. In the opposite scenario, our bias would only be the closure of the gap, targeting 11 965.