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Why it's time to sell the Dax
Steve O'hare from First 4 Trading is looking to sell the DAX Index in Tuesday's trader's tale. Although Germany is still the safest bet for investors in the eurozone, and the ratings agency Standard & Poor's affirmed Germany's "AAA" sovereign-debt rating last week, Steve says the spikes appear to be running out of momentum.
Steve says prices have traded up to the weekly downward
trending resistance line and
have rejected advances at the top of the Ichimoku cloud resistance. He expects the bulls to fight to maintain this push higher, medium term sellers should
prove too strong, with all eyes on the recent breakaway gap.
As a result, Steve is looking for a stop at 8275 and his targets are 8200, 8175 & 8100.
01:08 minutes
Tags: aaa, dax, dax index, debt, doji candle, economy, eu, eurozone, finance, first 4 trading, forex, fx, germany, ichimoku cloud, investment, investments, ratings agency, s&p, saxo bank, saxo tv, sovereign-debt, standard & poor, steve o'hare, trader, trading, tradingfloor.com, video