Dax Forecast Today 24/6: Buyers On Dips (Video+Chart)
Date
6/24/2024 7:21:17 AM
(MENAFN- Daily Forex)
The DAX has initially fell during the trading session on Friday, only to turn around and show signs of life again. By doing so, the market looks very resilient, and I think it is probably only a matter of time before we see buyers come in and try to sort this out. After all, this is a market that's been very noisy, but when you look at it through the long-term lens it has been very bullish overall.
With that being the case, I think you have to look at this through the prism of a market that had been in a precipitous decline in just a few sessions. Since then has really stabilized itself quite nicely. Because of this, I think you've got to look at this dip as a potential value opportunity. I think most traders are starting to look at it through that scenario. After all, there is no point in fighting what has been a very strong trend.
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Noise should continue to be a factor
The market is one that continues to be very noisy, mainly due to the fact that inflation doesn't seem to be going anywhere, and that is being perhaps stoked by the ECB cutting rates as well. But regardless, I think you have to be very cautious and recognize that there's no reason to think that this market is going to start falling again.
But if it does, there are several support levels underneath that I think come into the picture. I like the idea of buying near the 18,000 euros level if we get that opportunity, but we already did. So, we'll have to see if it happens again. If we can take out the 50 day EMA just above, then that's obviously a very bullish turn of events and could send this market towards the 18,750 level, possibly even to the 19,000 euro level. I have zero interest whatsoever in shorting this market. I believe that the DAX will continue to lead the way going forward.
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