The german stock index DAX30 is running out of steam after a 600 point climb in October. Not surprisingly it needs a break, which makes a pullback scenario likely.
I don't believe there is enough juice left in the market in order to let the DAX30 break the current horizontal resistance as well as the upper border of the downtrend channel. A short pullback towards 10100/200 would motivate some more buyers to jump back into the game and maybe start the expected 'year end rallye' at the end of November.
I have posted a more detailed analysis on my website. Feel free to comment this analysis. Thanks!
I don't believe there is enough juice left in the market in order to let the DAX30 break the current horizontal resistance as well as the upper border of the downtrend channel. A short pullback towards 10100/200 would motivate some more buyers to jump back into the game and maybe start the expected 'year end rallye' at the end of November.
I have posted a more detailed analysis on my website. Feel free to comment this analysis. Thanks!