DAX Index Price Forecast October 2, 2017, Technical Analysis
The German index exploded to the upside on Friday, shooting straight up like it was fired out of a cannon. The market looks hell-bent on going towards the €13,000 level, which I think is the next target. I look at short-term pullbacks right now as buying opportunities in what is probably one of the more bullish markets that I follow. The EUR/USD pair falling lately certainly helps, as it makes German exports cheaper which is a main driver of the DAX. Also, keep in mind that the German economy is one of the strongest ones in Europe right now, so course money was the flow into it. I believe that we will reach the €13,000 level, probably in the next day or two, which could find sellers. However, that should be an opportunity to pick up value on the momentum building exercise it will certainly follow.
I believe that the €12,500 level underneath is massively supportive, just as the €12,750 level is. The uptrend is still intact as long as we are above the €12,000 level, so quite frankly there’s no way to sell this market from what I see. Unless something drastic happens, I believe that the DAX will continue to lead the way for the rest of the European Union, and quite frankly most stock markets around the world. I am probably most which of the DAX as far as stock markets go, and that includes global markets. Look to add to your position on dips, as you can build up a large position in what is obviously a market that wants to explode to the upside. We’ve been in a long-term uptrend, and this is just simply a continuation of that massive momentum that has been part of this market for months.
DAX Video 02.10.17
This article was originally posted on FX Empire