Day trade
Trade view / 08 June 2016 at 7:53 GMT

Dax strength persists as underlying bid supports

Director / PIA-First Limited
United Kingdom
Instrument: GER30.I
Price target:
Market price:

Whilst the medium-term picture for the Dax index remains mildly bearish with the downward trending resistance coming in around 10,650, the corrective rally has found renewed momentum despite last week's setback.

Last Friday's bearish outside candle has been negated and yesterday's drive higher offers further potential.

The 4-hour chart remains support by the Ichimoku Cloud and the current pullback from yesterday's high print creates a buying opportunity.

Management and risk description

We look to set longs around current levels (10,225) to re-challenge the previous day's high, then the May high and 61.8% Fibonacci retracement (10,385) and possibly the downward trending resistance. A possible AB=CD would also target 10,650.


Entry: Buy GER30.i at current levels (10,225)

Stop: A break below 10,150

Target: 10,315, 10,385 and 10,650

Time horizon: 1-5 days

 Source: Saxo Bank. Create your own charts with SaxoTrader click here to learn more

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more


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