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Lucas: Why I'm buying the Dax
European indices are set to open higher on Wednesday morning as rumours surrounding what the European Central Bank’s is going to do next continue to circulate. Steve Lucas from 3c Analysis maintains a medium-term bearish outlook for the DAX overall, but believes there is plenty of scope for a recovery in the coming week.
Choppy trading on Tuesday resulted in slight gains for major European indices. The FTSE 100 closed the day 0.4 percent higher, the CAC was up 0.8 percent, and the DAX ended trading up 0.7 percent. These gains which ended a pattern of lower weekly highs for the DAX are one of the indicators of bullish sentiment setting into the market. Technical signals have indicated that there is bearish exhaustion in the markets, as the DAX prepares for a temporary recovery.
Steve is looking to buy at the market open and again at 8850. He is targeting a move to 9143.5 and 9352.5. A stop can be placed at 8788.5, Tuesday’s base. Steve does caution however that the neckline of the head and shoulders pattern could be retested.
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01:29 minutes
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