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Lambert: DAX positioned to reach all-time highs
Stand by for more gains on the DAX! So says Clive Lambert from FuturesTechs who's looking at the futures this Thursday. He can easily see the index surpass 10,000, the all-time high, set in June and July very soon.. Support for the move higher was generated by the indices ability to sustain a move above 9,608 points yesterday, a key 61.8% Fibonacci level.
On Wednesday, almost every major holding listed on the DAX index experienced gains except for SAP SE. The DAX closed at 9,626.49 points. The significant rise was supported by the news of lessening tensions in the Ukrainian region and Russian President, Vladimir Putin’s statement that a peace deal could be reached by the end of the week.
Trading this morning on the DAX is set to be light as the investors await the European Central Bank’s rate decision announcement at 1:30 p.m. London time. Nevertheless, the indices recent ability to hold above 9,608 dictates support for a pending move higher.
Clive is looking to buy around 9,600 points with a stop placed below 9,550 points. Initially he has set a target at 9,800 points with a long-term outlook of breaching the 10,000 point marker.
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