Steve Lucas

WEEKLY JUN'20 DAX - This week's technical analysis & trade strategy

Jun'20 contract - Having identified the previous 4 week sell-off, last week’s signals were unusual as they pointed to both buying the dip and to selling the rally. This was the correct interpretation as an initial 500 Pt sell-off attracted buyers, but for the rally to attract sellers on Friday and for sentiment to deteriorate by over 600 Pts from the top. This week’s signals are pointing lower, but any pullback should be temporary, so with a good deal of caution the outlook is negative and the call is to sell on the open and then at 9950.0 with a stop loss at 10352.0, the last 3 week Marabuzo line. Targets are to 9030.0, a 50% pullback to March’s bounce, 8782.0, the 23rd Mar close and 8133.0, last week’s low trade.


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Steve Lucas

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