Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5972
    -0.0004 (-0.06%)
     
  • NZD/EUR

    0.5535
    +0.0002 (+0.03%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,340.32
    +172.25 (+0.43%)
     
  • NZD/JPY

    90.3390
    -0.0540 (-0.06%)
     

DAX Index Forecast March 13, 2018, Technical Analysis

The German index rallied initially during the day, but then pulled back to return to where we started. As I record this, it looks as if the buyers are coming back, continuing the grind higher.

The German index initially rallied a right away on Monday, reaching towards the €12,480 level, before pulling back to reach towards the opening price again. As a record this, we are starting to show signs of support in that area again, so I think that the buyers will more than likely continue to go back into the market and push to the upside. I believe that the €12,500 level above will be targeted, and then eventually the €12,600 level. Given enough time, I anticipate that this market probably goes as high as €13,000 over the next several sessions.

DAX Video 13.03.18

This is not to say that we won’t get the occasional pull back, we most certainly will. However, I look at those pullbacks as value just waiting to happen, and therefore am more than willing to buy them at the first signs of a bounce. I think that it might be choppy, but we most certainly have a bit of an uptrend in channel going on. The €12,000 level should continue to be a “floor” in the market, and therefore where I recognize the bottom of the uptrend. If we were to break down below there, that would of course change a lot of things when it comes to this pair. Until then, I believe it is a “long only” market, and I believe that most traders out there are starting look at it in the same light. Global stock markets in general are starting to show signs of strength again, and of course with the DAX being the “blue-chip index” of the European Union, it won’t be any different here.


Suggested Articles

ADVERTISEMENT

This article was originally posted on FX Empire

More From FXEMPIRE: