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O’Hare: DAX flying high
Steve O’Hare from First 4 Trading believes that the recentrally on the DAX will push the index to a new all-time high. Price momentum onthe DAX has largely been bullish since Q3 2011. The rally is expected tocontinue due to signals of a bearish butterfly formation. A symmetricaltriangle pattern has already been created. Steve notes that this technical convergencetypically pushes prices higher during the final leg of the bearish butterfly formation.
Therefore, Steve is predicting a move past the key psychological10,000 level towards 10,340-400 points. To make the most of this potential tradeopportunity, he suggests buying at current levels and again at 9,600. Initiallyhe is targeting 10,100 points followed by a more aggressive target of 10,350points. A stop can be placed at 9,375 points. The duration of this trade is oneto three weeks.
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Non-independentinvestment research disclaimer
01:19 minutes
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