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O'Hare: Why I'm selling the DAX again
Steve O'Hare from First 4 Trading is selling the DAX. Earlier this week, he also made the call to sell this index as it has had an amazing performance so far this year, but he thinks a correction is long overdue.
He saw further all-time highs on Thursday - with bulls capturing the 9400 level - but after a brief sell-off, he says prices maintained gains but were unable to capitalise further. Therefore, he explains, momentum stalled significantly.
Steve thinks that this is a sign of bearish divergence and along with a bearish rising wedge pattern he looks to fade advances, and all this "ties in nicely with Friday profit taking".
As a result, he plans to sell in front of 9400 with stop at 9445 and targets of 9345 and 9320.
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00:53 minutes
Tags: bear market, bull market, buy dax, dax, dax index, economy, eu, euro, euro area, eurozone, first 4 trading, forex, fx, german economy, germany, investing, investment, profit, profit taking, saxo tv, selling dax, steve o'hare, trade idea, trader, trader saxo bank, trading, trading fx, tradingfloor.com, video