the daily chartist

DAX30 recap for 24.02.2016

published 3 years ago
DAX30 Daily

Europeans stocks are still in a downtrend and this is nicely shown on the daily chart for the DAX30. Euro weakness boosted the index for some time opening with a gap on 15.02 which bare in mind will have to be covered at some point, so watch for euro going up in the short-term. DAX reached 9441.5 with ease and met the trend line and a resistance zone and selling resumed even with a bearish engulf candle on 23.02. Price managed to breach again 9350.5 and selling accelerated as risk aversion stepped in faster. Next is 9262.1 to be breached with a close bellow and the down trend will resume to the gap level of 9001. Breaching there, DAX30 may stumble itself again at the 8891.3 buy zone. Our sell signal was on the 23th of this month so kudos for everyone who managed to short it. 

 Perspectives are for a weaker DAX, so shorting the tops isn't a bad idea. Still as March comes in and the eventual Draghi speech, things for the Euro and the European indexes may change in minutes.