DAX: Short-Term Buy (update)
DAX, 4-Hour Chart Analysis
Although the DAX hit our short-term target this morning, the benchmark might be ready to gain even more during the week, as the favorable election results removed a huge risk factor concerning the Eurozone. The ECB’s monetary statement on this week could be an important event for the index, but right now the technical picture is clearly bullish.
Those traders that are holding on to their long positions could place their stop loss orders below the 12,280 support level, or below the support zone near 12,150. The 12,500 level and the upper boundary of the rising trend channel near 12,600 could serve as further target levels.