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Why selling the Dax is still a good call
Steve Lucas from 3c Analysis is selling the DAX Index, as the Dax sentiment has been improving since June. He says the topside impetus has slowed from close to a weekly bear trend and momentum indicators have started to point lower.
Along with this, a sequence of higher daily lows was ended yesterday, a fact which signals further downside.
As a result, Steve's strategy is to sell modestly on the open and also at 8240. He is looking for a stop at 8274.5 and his targets are 8131 and 8073.5
The German ZEW Index, which gives a snapshot of the investor confidence, fell to 36.3 in the current month from 38.5 in June.
Read more about Steve Lucas’ trading idea here:
http://www.tradingfloor.com/posts/trade-idea-dax-higher-daily-lows-signals-losses-1033028410
01:11 minutes
Tags: 3c analysis, bear market, bearish, bullish, bullish sentiment, dax, dax index, economic sentiment, forex, fx, german economy, germany, saxo bank, saxo tv, steve lucas, strategy, trader, trading, tradingfloor.com, video, zew index