The German index fell as much as 7.5% last week amid a global stock market correction. Today, price bounced off key support, where price saw a nice recovery of around 2.5%. Look for a potential bullish reversal as global markets recover.
Trade Step-ups:
Scenario One (Bullish Reversal): Price rejects a bearish breakout from the current trend channel. Look for a potential move to the topside of the bearish channel. Profit levels to look for are 12000.00, 12400.00 and 12700.00 respectively.
Scenario Two (Bearish Breakout): Price breaks the current channel trend, look for consolidation below 11300.00
Trade Step-ups:
Scenario One (Bullish Reversal): Price rejects a bearish breakout from the current trend channel. Look for a potential move to the topside of the bearish channel. Profit levels to look for are 12000.00, 12400.00 and 12700.00 respectively.
Scenario Two (Bearish Breakout): Price breaks the current channel trend, look for consolidation below 11300.00