DAX is riding a strong bullish bias in an overall view, as the index had consolidated its price action above the 200 SMA at H1 chart. Currently, the pivot point of 11984 is providing a nice support in the short-term and it could help to strengthen further bullish moves in order to reach the resistance zone of 12210, which is our next target to the upside.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the DAX breaks a bullish candlestick; the resistance level is at 12072, take profit is at 12122, and stop loss is at 12022.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
DAX is riding a strong bullish bias in an overall view, as the index had consolidated its price action above the 200 SMA at H1 chart. Currently, the pivot point of 11984 is providing a nice support in the short-term and it could help to strengthen further bullish moves in order to reach the resistance zone of 12210, which is our next target to the upside.
Trading recommendations for today:
Based on the H1 chart, place buy
(long)
orders only if the DAX
breaks a bullish
candlestick; the resistance
level is at 12072,
take profit is at 12122,
and stop loss is at 12022.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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