Yahoo Finance DAX Price Forecast – German index rallies on Wednesday
The German index rallied a bit during the trading session on Wednesday, reaching towards the €4900 level. We have shown a bit of resistance, but I think we are going to eventually break towards the €13,000 level. I think that the €12,750 level underneath should continue to offer support, and as we have seen so much in the way of choppy trading action lately, but it does look as if we are trying to use the recent bounce as longer-term major support. I believe that if we can break above the €13,000 level, the market is likely to go towards the €13,200 level.
I continue to buy on short-term dips, and I believe that the market will continue to look at those moves as value, and value of course is one of the best ways to play the market. The DAX is the first place that money goes to when we are looking to invest in the European Union overall. The DAX is considered to be the “blue-chip index” of the continent, so I think that the bullish pressure should continue, especially after the ECB meeting today, which could cause a lot of volatility. If we break down below the €12,750 level, then I think the market goes looking towards the €12,600 level for support after that. It’s likely that we will continue to see a lot of noise, but ultimately I think that the basing pattern will continue to propel this market higher from a technical standpoint.
DAX Video 14.06.18
This article was originally posted on FX Empire
