Steve O’Hare from First for Trading is looking to long the DAX Index, after two positive days which indicates there is a bullish appetite. He also says the bias remains in control and that dips have been bought.
He adds that prices currently trade at the 61.8% fib retracement level of the August sell-off, and they are showing no signs of slowing.
Steve now expects a further drive higher towards the 78.6% fibonacci retracement. He plans to buy from the open with risk at 8275 and targets of 8345, 8370 & 8400.
Author Steve O'Hare - First 4 Trading, Analyst, First 4 Trading
Topics Forex, FX Options, Agriculture, DAX, Trading ideas, invest smart, profit taking, profit
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