DAX 30 Trades Within a Narrow Range and may Break Either Way
Monday,07/03/2016|06:33GMTby
DailyFX News
Talking Points The DAX 30 is trapped within the narrow range of 9695 to 9931 and may break either ...
Talking Points
The DAX 30 is trapped within the narrow range of 9695 to 9931 and may break either way.
There are no market moving events on deck today.
The DAX 30 (FXCM: GER30) is trapped in the narrow range of 9695 to 9931 and may break either way.
A breakout to the upper barrier at 9931 may take price to the January 13 high of 10,164, while a breach to the lower limit of 9695 may be the beginning of a bearish trend, which may take price to the psychological level of 9500 and then to the February 29 low of 9336.
The reason why I am hesitant to call a reversal in the DAX 30 is due to the overall bullish trend since February 11, which means that traders may see a pullback as a buying opportunity.
Also adding to this bullish sentiment, is Friday’s U.S. Non-Farm Payroll increasing by 242k new jobs in February, beating a Bloomberg News projection of 195k, while wage growth moderated and the labor force increased. This is a good outcome for stock markets and does not suggest that the DAX 30 is currently in need of rolling over.
German Factory orders increased by 1.1% YoY vs. a 0% projected by a Bloomberg News poll, which is a third reason to assume traders will see a pullback as an opportunity to buy.
The DAX 30 is trapped within the narrow range of 9695 to 9931 and may break either way.
There are no market moving events on deck today.
The DAX 30 (FXCM: GER30) is trapped in the narrow range of 9695 to 9931 and may break either way.
A breakout to the upper barrier at 9931 may take price to the January 13 high of 10,164, while a breach to the lower limit of 9695 may be the beginning of a bearish trend, which may take price to the psychological level of 9500 and then to the February 29 low of 9336.
The reason why I am hesitant to call a reversal in the DAX 30 is due to the overall bullish trend since February 11, which means that traders may see a pullback as a buying opportunity.
Also adding to this bullish sentiment, is Friday’s U.S. Non-Farm Payroll increasing by 242k new jobs in February, beating a Bloomberg News projection of 195k, while wage growth moderated and the labor force increased. This is a good outcome for stock markets and does not suggest that the DAX 30 is currently in need of rolling over.
German Factory orders increased by 1.1% YoY vs. a 0% projected by a Bloomberg News poll, which is a third reason to assume traders will see a pullback as an opportunity to buy.
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