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Asian shares rose by 1% today on widespread earnings confidence as well as the Bank of Japan press conference in which governor Kuroda maintained his dovish stance as the BoJ attempts to guide the economy towards 2% inflation.
Short term
Trade view / 30 May 2016 at 6:56 GMT

Dax: end to lower weekly highs and rally above averages is bullish

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: GER30.I
Price target:
Market price:

A sequence of lower weekly highs was ended last week with investors buying the Dax for a fourth week in a row from close to the 100-day average rate and for sentiment to rally by almost 400 points. The market has also been posting higher monthly lows since basing at 8,690.5 in February, a key 50% pullback to the entire 2011-2015 gains and more recently prices are trading above their 200-day average rate. With no sign that demand for the Dax is ending, but with daily signals overstretched the outlook for this week is to stay long and buy dips.

Management and risk description

Allow room to buy the dip and raise the stop to entry if the first target is met.


Entry: market and 10124.0, the 200-day average.

Stop: 9957.0, Tuesday's Marabuzo line.

Target: 10522.0, April's high and 10729.0, the window which has remained open since last year's close.

Time horizon: Until 11 GMT, Friday

Source: CQG 

DAX Daily - moving averages
 Source: CQG 

DAX Monthly - key 50% pullback
Source: CQG  

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more


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