Trade Alert
As we can see on slightly bigger picture, after getting hit last week, DAX is now trying to recapture some of its lost grounds. The index moved back above the psychological 12000 barrier, but does it mean that it will be moving higher from now on?
For now, we are sceptical about the upside potential, as the index is trading below its upside support line, taken from the low of the 26th of March. This means that the bears might take advantage of the higher price and jump in either at around 12100 zone, which acted as good support in the recent past, or they could wait until DAX would test the upside line from underneath and then take control of the index.
For us to start examining higher levels, we would need to see a break and a close above 12250. This way we could start aiming for the 12600 level again. Please see the chart for details.
Don't forget your SL.
As we can see on slightly bigger picture, after getting hit last week, DAX is now trying to recapture some of its lost grounds. The index moved back above the psychological 12000 barrier, but does it mean that it will be moving higher from now on?
For now, we are sceptical about the upside potential, as the index is trading below its upside support line, taken from the low of the 26th of March. This means that the bears might take advantage of the higher price and jump in either at around 12100 zone, which acted as good support in the recent past, or they could wait until DAX would test the upside line from underneath and then take control of the index.
For us to start examining higher levels, we would need to see a break and a close above 12250. This way we could start aiming for the 12600 level again. Please see the chart for details.
Don't forget your SL.