Dax Forecast Today 23/09: DAX Continues To See Buyers On Dip

(MENAFN- Daily Forex)

• The German index gapped lower to kick off the trading session here on Monday but found buyers after filling a gap from last week. In post-market trading, we are starting to see a bit of buying pressure as well. So, I do think that we continue to be attracted to the 50-day EMA currently at the 23,832 euro level. If we can break that level, then it opens up a potential move to the 24,500 euro level, which has been a bit of a brick wall.
• The big question on a breakout will be, can we get above Tuesday, September 2nd candlestick? Because if we can, then technically speaking at least, it looks like we should go higher. Short-term pullbacks, we'll continue to find buying pressure, I would anticipate, all the way down to at least the 23,000 euro level, if not the 200,000. day EMA, is 22,670 euro.

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That being said, not all is necessarily well in Germany because of course there are 150,000 industrial jobs expected to be slated for layoffs that have been announced for places like Volvo and Siemens. So, we'll have to wait and see if that expands. If it does, we could see problems Time and Waiting

At this point in time, it looks like we're basically just killing time or trying to figure out if we can get more risk appetite into the market. And if we can, then DAX will be the first place people throw money at in the European Union. However, if this index breaks down below the 200 day EMA and starts selling off, the real play might be shorting places like Spain and Italy as those indices will almost certainly underperform the DAX, meaning they'll fall quicker as they are further out on the“risk spectrum” for most traders.

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