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Steve O'Hare: Bullish trend on Dax Index
Prices on the DAX Index have stalled and Steve O’Hare from First 4 Trading is looking to take advantage of a predicted bullish run.
Over the last few weeks the DAX Index has experienced a downward trend, but the index has finally begun to see some support around the 9,000 level. This level marker is congruent with previous support levels from lows experienced in June, September, and December.
Buying has been exponential on the DAX Index recently, as prices moved above Ichimoku cloud support. Steve expects prices to continue to move higher in a corrective cycle towards Fibonacci retracement levels from the previous lows.
Steve is looking to hold a long position at short term support levels, placing a buy at 9300 with a stop at 9,215. His target levels are set at 9,500 and 9,600. This is a medium-term trade lasting roughly two days.
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01:16 minutes
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