I was expecting little more corrections in DAX and it got that in the earlier days of this week.
Now days, things are changing in a moment, as stock indexes are getting vulnerable to any news. It looks to me that DAX is making a lower base at around 6500 level, though I am not fully confident about this level. Last few day’s moves were very encouraging and it reflects that DAX may test more in the upside, yet I am not sure about any specific levels. But as I said in last week, that 7200 is too much of expectation in this moment.
Coming days will be very frustrating if DAX moves around 6650-7000 level. Here I must say that DAX is in short-term over-bought zone, so I will not surprise if it tries to test lower levels at some point of time in coming week. If DAX breaks 6500 support level then next important range for it is 6400. In case of any big sell off we may see DAX below 6200.
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