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Video / 08 May 2015 at 6:49 GMT

Lucas: Temporary recovery on the DAX

Steve Lucas
Steve Lucas from 3c Analysis is focused on the DAX Index as technical indicators signal bearish exhaustion in the market. Buyers returned to the DAX yesterday close to the 38% pullback level of the 2015 gains, which helped the index to recover from its initial 200 point loss. This sharp recovery created a daily hammer, which as Steve points out is an indicator of bearish exhaustion. Recent positive manufacturing data shifted sentiment in the market. The Markit Germany Manufacturing Purchasing Managers’ Index beat the preliminary estimate of 51.9, coming in at 52.1.

With signals indicating the possibility of a temporary recovery, Steve is looking to buy at the market open and again on a move to 11325 points. He is targeting a move to 11550 and 11771.5 points. A stop can be placed at 11275 points.

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4y
MrScalper MrScalper
phenomenal call steve
4y
Tom Hanks Tom Hanks
Fabulous analysis.
4y
Lisk Lisk
do you think there will be a 1% correction on the DAX monday ?
4y
Steve Lucas Steve Lucas
it's always possible and i have left an order to buy the dip, but china have cut rates again, so although the economic outlook may be dubious, the easy monetary policy remains well intact.

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