DAILY MAR'19 DAX - Wednesday's trade idea and technicals
Mar Contract – Despite Monday’s selling, Tuesday’s signals continued to point higher. These were confirmed as investors bought futures to post a 4th higher daily low in a row and an initial gain of 161 Pts. However, the weekly view is for only temporary and corrective gains and sellers have returned to the market from close to 10917.0, a 50% recovery to the entire Dec sell-off, sentiment deteriorating by almost 100 Pts from the day’s 10904.0 top. Although this is mildly negative, the sequence of higher daily lows remains intact and gains overnight continue to point signals higher. The outlook for Wednesday is therefore bullish and the call is to buy on the open and then at 10880.0 with a stop loss at 10828.0, just below yesterday’s close. Targets are to 10980.0, the 4 week high, 11070.0, a deeper 62% recovery and then towards 11250.0.
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