WEEKLY DEC'20 DAX - This week's technical analysis & trade strategy
DEC'20 contract - A rising trend of higher monthly lows is positive for sentiment and our bullish forecast for Q3 has been confirmed. However, with sellers returning to the market in September from ahead of 13538.0, the window which has remained open since a weekly close at February’s record high, last week’s signals switched to a bearish bias and the call to stay square on the open and to sell the rally at 13258.0 was moderately successful. Despite closing with an up week, signals for this week continue to point temporarily lower and the call is to sell only modestly on the open and then at 13441.0, September’s high with a stop loss at 13538.0, the weekly close in February. Targets are to 13092.5, Thursday’s low, 12744.0, September’s base and 12267.0, August’s low trade.
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