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O’Hare: European indices trend lower ahead of ECB meeting
With the European Central Bank meeting only two days away, investors have been treading cautiously in the marketplace. The major European indices are all down at the start of the morning and Steve O’Hare from First 4 Trading is hoping to use this opportunity to short the DAX.
On the DAX, a bearish crab formation has been created as prices stalled near 10,000, a key psychological level for the index. This formation prompts a selling trend for the index, a reversal of the record high gains experienced in May. According to Steve further support for the bearish sentiment comes from the short-term dip buying that has ensued on the DAX, supported by the hourly Ichimoku cloud.
Steve is looking to short the DAX at either 9975 or 9980. His two targets for the trade are 9775 and 9600. If prices drop below the 9900 support level, a more significant move lower is expected to be triggered. A stop can be placed at 10,050.
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00:59 minutes
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