DAX Forecast Today 09/10: Eyeing Further Gains (Video)
Date
10/9/2024 2:49:35 PM
(MENAFN- Daily Forex)
The German index initially pulled back just a bit during the early hours on Tuesday but seems to be finding the area just below the 19,000 level as important enough to turn things around and have traders jumping in the market. Ultimately, I do think this is a market that eventually will go looking to the 19,400 euros level, but I also recognize that there is a lot of noise between here and there.
This market continues to look at the 19,000 euros level, as significant as it had been such a massive resistance area before. So right now, it looks like it should end up being a buying opportunity and it should be supported. With all of that being said, I think you've got a situation where the DAX continues the overall uptrend, but that doesn't necessarily mean that it shoots straight up in the air.
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This is a market that tends to grind more than anything else, but it does have a proclivity to go higher as the DAX is one of the first places the traders put money to work in the European Union. If we do break down from here, the 50 day EMA right at the 18,725 euros level could be a bit of a short term floor.
Regardless, we're in an uptrend we recently had broken out. It certainly looks like the DAX is ready to go higher, so therefore I'm willing to follow right along. I wouldn't put a ton of money into this index, but clearly it looks like they are going to follow liquidity coming out of the European Central Bank, and perhaps even the Federal Reserve, as central banks are trying to support economies globally. That being said, the DAX is a major market that should continue to attract a lot of attention. The DAX has been strong for some time now, and as a result, the market tends to rise over time anyway.
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