Summary:
- Short-term sentiment remains bullish
- DE30 has bounced off the lower boundary of the 1:1 structure
- The downward correction has stalled at a moving average with a period of 100
Recommendation:
Trade: Long position on DE30 at market price
- Take profit 1: 15 465
- Take profit 2: 15 515
- Stop loss: 15 305
Justification:
DE30 started the new week with an upward move, but the buyers failed to hold the direction and a downward correction started. However, looking at the M15 interval, the downward movement stopped at a key short-term support. The green area on the chart below is marked by the lower boundary of the 1:1 structure, the previous price reaction and the 100-period moving average. As long as price is above support at 15,367 points, the base case scenario appears to be a continuation of the move higher. We recommend entering a long position on DE30 at the market price with two targets: 15,465 and 15,515. We also recommend placing a stop loss order at 15 305.
Source: xStation5
Trade closed: target reached:
Take profit 1: 15 465
Comment:
Take profit 2: 15 515
Trade closed: target reached:
Take profit 2: 15 515