Although this week’s forecast for DAX remains positive, the initial move was signalled to be lower and this has so far occurred, Monday’s trading posting a loss of just over 50 Pts since Friday’s close and ending a sequence of higher daily lows.
While the pullback should be temporary, daily signals continue to point lower and to selling intraday rallies, so with this in mind the outlook for Tuesday is to sell modestly on the open and then at 9775.0, with a stop loss at 9817.0, yesterday’s high.
Targets are to 9707.0, a 62% pullback to the gains posted since last week’s low, 9681.0, the window which has remained open since Wednesday’s close and 9590.5, last week’s low trade.