EUREX:FDAX1!   DAX FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Bearish momentum continued yet for another day in a row. After the open, Dax took a south direction and the price reached the support level of 11 861 without any problem. This level was retested a couple of times before the price eventually closed there. Yesterday’s price action took us to the low formed on 01 April.

Important zones

Resistance: 11 986, 12 063
Support: 11 861, 11 827

Statistics for today

Detailed statistics in the Statistical Application
The statistical probability of closing the gap is 69%
The statistical probability of breaking yesterday’s low is 96%

Macroeconomic releases

NIL

Today’s session hypothesis

Although the trading is limited today in many countries due to the public holiday and Eurex is partially closed, Dax market is open as normal. For today, we have quite some interesting leads given by the Statistical application. The most important is the probability of 96% to break yesterday’s low and this could signify further downfalls. When we look at the chart from a longer time perspective, there is a lot of room for sellers after breaking the 11 861 barrier. As of now, this level functions well and holding the price. Let’s keep a sharp eye on how this situation evolves.
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