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Trade idea: Buy DAX as US "issues"drive prices higher
Steve O'Hare from First 4 Trading is looking to buy the DAX Index. He says the "issues in the US don't look great", but that market sentiment seems to be driving prices
higher on the premise that a US default will be averted.
On the technical side, Steve says that last Thursday's rally flipped control to the bulls with "almost a 200 tick move". He explains that prior to this, price action was bearish and trading within an "ascending wedge formation", which in conjunction with lower highs continues to signal bearish divergence over the medium term.
As result, Steve is looking to buy in front of 8725 with stop at 8690 and targets of 8790 & 8825.
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01:20 minutes
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