The German index fell as much as 7.5% last week amid a global stock market correction. Today, price bounced off key support, where price saw a nice recovery of around 2.5%. Look for a potential bullish reversal as global markets recover.
Trade Step-ups:
Scenario One (Bullish Reversal): Price rejects a bearish breakout from the current trend channel. Look for a potential move to the topside of the bearish channel. Profit levels to look for are 12000.00, 12400.00 and 12700.00 respectively.
Scenario Two (Bearish Breakout): Price breaks the current channel trend, look for consolidation below 11300.00
Trade Step-ups:
Scenario One (Bullish Reversal): Price rejects a bearish breakout from the current trend channel. Look for a potential move to the topside of the bearish channel. Profit levels to look for are 12000.00, 12400.00 and 12700.00 respectively.
Scenario Two (Bearish Breakout): Price breaks the current channel trend, look for consolidation below 11300.00
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.