Yahoo Finance DAX Index Price Forecast March 6, 2018, Technical Analysis
The German index went back and forth initially on Monday, but found enough buying pressure later in the day to clear the €12,000 level to the upside, which of course is a very bullish sign as I have been saying for some time that the €12,000 level is where I think that the “floor” in the uptrend is, and a breakdown below there would send this market down to the €10,000 level. I think that the bounce and the strong move that we have seen on the 4-hour chart suggests that the buyers are returning, and that we will probably go looking towards the €12,400 level, and then possibly the €12,600 level after that.
If we were to break down to a fresh, new low, I think the market probably goes hunting the €11,000 level at that point, and then eventually the €10,000 level under there, which of course will be very important for longer-term traders, as it is a large, round, psychologically important number and of course an area that would have a lot of importance attached to it. Longer-term, I believe that the market should then go to the €12,750 level, which is an area that should offer a significant amount of resistance. A break above there should allow the market to go much higher, perhaps reaching towards the €13,500 level. Ultimately, I do think that the buyers will continue to run this market, but we obviously have some work to do.
DAX Video 06.03.18
This article was originally posted on FX Empire
