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Why I’m shorting the Dax index: O’Hare
Steve O’Hare of First4Trading.net is following the Dax index on a medium-term outlook, believing February lows will provide a platform for correction higher.
He says this solid correction higher is heading towards downward-trending resistance after a break of the 200-day moving average.
Steve is setting shorts on a clear rejection of the trendline with a strong reversal candle. The stop is above a clear break of 11,000 or the newly placed high. He targets a move lower to 9,500 initially, then 8,700 and possibly 8,300.
02:26 minutes
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