The outlook remains very bearish. Despite the recovery of the last weeks the market has failed to challenge the old highs while indicators remain lack lustre at best. Now that the near term outlook is generating a renewed sell-signal (double top, see inset in chart below), we are very confident the market is seeking significantly lower levels over the coming months. Best of all, stops can be maintained nearby at 13200 so risk is relatively limited.
Note that other European markets are varying somewhat in market phase, but all all bearish or exit-long as an absolute minimum. A major market turn is expected and we strong suggest to prepare accordingly. Our own strategy is to sell in anticipation of a decline towards the 10k area at first.
Near term trend: negative
Long term trend: neutral (negative < 12000)
Outlook: huge long term reversal pending
Strategy: fade the rallies, build up short-entries, expand below 12000
Support: 12000 / 10150* / 9965* / 9475-
Resistance: 13333* / 13510
Outlook cancelled/neutralized above ~13200
Note that other European markets are varying somewhat in market phase, but all all bearish or exit-long as an absolute minimum. A major market turn is expected and we strong suggest to prepare accordingly. Our own strategy is to sell in anticipation of a decline towards the 10k area at first.
Near term trend: negative
Long term trend: neutral (negative < 12000)
Outlook: huge long term reversal pending
Strategy: fade the rallies, build up short-entries, expand below 12000
Support: 12000 / 10150* / 9965* / 9475-
Resistance: 13333* / 13510
Outlook cancelled/neutralized above ~13200
Trade closed: target reached