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DAX Index Price forecast for the week of March 12, 2018, Technical Analysis

Christopher Lewis
Updated
German traders initially sold the DAX during the week but found enough support near the €11,750 level to turn things around and bounce significantly. By doing so, it looks as if we are trying to build up a base to continue the upward momentum.

The German index initially fell during the week, testing the €11,750 level, and then bouncing above the €12,250 level. Ultimately, the market looks likely to continue to go higher, as we are trying to build a bit of a base to rally towards the highs again, reaching towards the €13,500 level. This is a market that continues to be very noisy, and I think that the it’s only a matter of time before the buyers continue to pick up value as it appears. If we were to break down below the €11,500 level, then the market would probably breakdown rather significantly. Longer-term, I still believe that we are going to go to the €15,000 level, as it is the next major round level that we can target.

With a little bit of imagination, you can see the uptrend line that we have just tested, and the fact that buyers have come back into this market is a sign that we will more than likely continue to find reasons to rally. That’s not to say it’ll be easy, but certainly the market looks as if it is trying to make it stand and continue to offer a “buy-and-hold” scenario. Overall, I believe that stock markets will continue to be inflated, and with the ECB looking to take its time to raise interest rates, I think the DAX will be an ideal place for money to come flowing into. I believe in adding on dips to a core position as well.

DAX Video 12.03.18

This article was originally posted on FX Empire

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