DEC'18 DAX - volatile but still bearish
Bearish signals for DAX on the week have been confirmed with a strong over 500 Pt sell-off. However, with intraday sentiment subsequently much oversold near important Fibonacci pullback targets, Thursday’s signals pointed to staying square on the open and to selling the rally. Contrary to this strategy, demand persisted throughout the day, though gains of 250 Pts were not enough to recover Wednesday’s down-day. Despite the bounce signals for Friday remain negative as trends of lower 4 hourly, daily, weekly and monthly highs remain intact. However, volatility has made levels difficult, as will a strong bearish gap open, but for Friday the call is to sell just modestly on the open and then at 11220.0 with a stop loss at 11303.0, just above yesterday’s close. Targets are to 11088.5, yesterday’s low, 11000.0 and 10750.0.
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