DAX Index Forecast September 29, 2017, Technical Analysis
The German index initially fell on Thursday, then rallied to break towards the €12,700 level. The market looks likely to find plenty of volatility and more importantly bullish pressure as the DAX continues to lead the way for the European Union. I believe that the market is going to go looking for the €13,000 level rather soon, and that pullbacks continue to offer buying opportunities. The 24-hour exponential moving average is sitting below the hourly trading action, and it looks as if we are going to find buyers every time we dip. There is a gap below at the 12,600 level, so if that level gets tested, I would expect to see a lot of support. Ultimately, this is a market that should continue to see strength, and I don’t have any interest in shorting.
Ultimately, the DAX leads the way
I believe that the DAX leads the way for the rest of Europe typically, and this is in any different. I like all European indices currently, especially in the mainland. I believe that the market continues to be choppy but it gives us an opportunity to go long as the European Union has started to improve overall. The EUR/USD pair has drift a little bit lower, which helps the German exports. That of course helps the DAX, and I think that the market will continue to look favorably. I believe that the market continues to be noisy, but for the longer-term investor it’s likely that we will continue to be positive in general. I have no interest in shorting anytime soon, and I believe that the buyers will return based upon the idea of value going forward. Longer-term, I still believe that the €13,000 level will be far too irresistible for buyers.
DAX Video 29.9.17
This article was originally posted on FX Empire