DAX Forecast Today - 18/07: DAX Finds Buyers (Chart)
Date
7/19/2024 3:07:48 AM
(MENAFN- Daily Forex)
The German DAX has fallen a bit during the early hours on Wednesday, but it does look like we are in the midst of trying to recover. We have seen a lot of volatility in the overall financial markets during the session, and Germany, of course, was no different. That being said, this is a market that I think you need to look to the upside, because we have seen so much in the way of buying pressure over the longer term.
Uptrend Line Below
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There is a major trend line underneath that of course is going to be closely monitored. And with that being the case, I think you have to look at this through the prism of a market that you can take advantage of each dips as potential value. I don't have any interest in shorting the DAX, it's in an uptrend and the 50 day EMA clearly has offered quite a bit of support during the trading session.
In general, this is a market that I think continues to lead the rest of Europe as per usual, as the German economy is the biggest driver of other indices such as the AMX in Amsterdam, the CAC in Paris, et cetera. All things being equal, this is a market that looks like it is going to try to eventually get to the 18,650 euro level, but it's obvious that volatility has returned. If we can break above the 18,650 euro level, then the market is likely to go looking toward the 18,900 euro level, possibly even as high as the 19,000 euro level, given enough time. Ultimately, this is a market that remains very interesting to me and one of my favorites.
If we get a shrinking of the euro and its value, that can also help the German DAX as Germany is such a major exporter of large products. All things being equal, we are in the midst of a major uptrend, and therefore you have to trade it as it is simply going to continue. At this point, shorting the DAX is all but impossible.
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