Today’s trading idea is coming from the German index- DAX. During the day it sold off down to the closest intraday support at 12075. Buyers supported the price and it shot up to over 12175. This left a daily bearish rejection on the chart of this index. The daily candle is a pin bar and it seems logical that the next move will be up. Based on today’s activity, my...
The bulls have managed to break up the descending channel and after a few days of consolidation, the uptrend is set to continue.
I favor going long at these levels, targeting 11400 and 12400 levels in coming months.
Good luck,
Ali Sharifazadeh, CFTe