EmpowerTrader

DAX Bounced From Key Support as Global Market Recovers

Long
XETR:DAX   DAX Index
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

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