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FxWirePro Call Review: DAX might jump to retest sellers at 11000 area on trade optimism; maintain short positions

After our previous short positions got stopped out as the bulls charged in April and as we revised the stop lower, we have recommended re-entering short positions in the last week of May at the then current rate of 12970 with the stop loss around 13650 area, https://www.econotimes.com/FxWirePro-DAX-GER30-enjoys-longest-weekly-Bull-Run-since-2015-but-that-might-change-soon-enter-short-positions-1327168

The call has been quite profitable with GER30 (CFD of DAX) trading at 10900 area, as stricter trade rules in the United States, higher payment for NATO countries and domestic political trouble rising from rampant immigration favor our outlook in DAX. In addition to that, the recent selloff in the global stock markets also suggests that the call is in the right direction, as trouble from higher rates continues to mount.

Several of our interim targets have been reached; 12380, 12100, 11810, 11500, 11500 &11000 area. And in our last review, we extended our target for the DAX to 10200 area.

The index is currently recovering after reaching as low as 10580 area, riding on the current trade optimism, where the markets are hoping for the trade truce to turn into a real agreement before the deadline expires at the end of March.

We would like to urge readers to maintain short positions in the DAX/GER30, as we expect the index to run into sellers above 11000 area.

 

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