Dax Forecast Today 19/6: Pulls Back To Find Buyers (Video)
Date
6/19/2024 3:02:35 PM
(MENAFN- Daily Forex)
The DAX was slightly negative during the early hours on Tuesday, but we do continue to see buyers jumping into this market when it dips. In fact, we have recovered quite nicely to show signs of strength. So, I do think it's probably only a matter of time before we balance a little harder.
We are in an uptrend despite the fact that we have broken down rather significantly in the last week or so, and despite the fact that we are at the level just below the 50 day EMA, if we can recapture the 18,250 euro level, I believe at that point we will continue to see a lot of buying pressure. This will be especially true if we can break above the 50 day EMA because I think a lot of algorithmic and systematic traders will jump in with a bit of FOMO.
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Dips Continue to Attract Inflows
With this being the case, I think you've got a situation where short-term dips continue to attract a lot of attention with the 18,000 level underneath being a bit of a floor. If we were to break down below the 18,000 level, then I think you've got a potential drop down to the 17,750 euro level. But at this point, it certainly looks as if the buyer is going to step in every time we dip.
I like the idea of buying the DAX . Keep in mind that Germany, of course, is the gateway to the rest of the European Union. So, it does make a lot of sense that this is the first place where we start to see buyers jumping in. All things being equal, I have no interest in shorting this market anytime soon. And therefore, I am looking for buying opportunities whenever I get some type of momentum to the upside. Any momentum to the upside could suggest that perhaps the buyers have not only returned to support the market, but they are willing to buy into it and push it back toward recent highs.
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