At this point, the market looks as if it is starting to show a little bit of lackluster momentum, and I think at this point it makes sense that we hover around these 2 moving averages.
After all, with the lack of liquidity, it’s difficult to imagine a scenario where the market suddenly takes off.The hammer from the trading session on Tuesday suggests that we have a lot of support underneath, and if we can stay above that area, the market does have the ability to hover in the general vicinity, or perhaps even bounce a bit to reach above, at the resistance barrier near the 14,500 level.
After all, Germany sends a massive number of exports throughout the EU, and as it is heading into a major recession, it is going to continue to cause some pressure on the DAX. At this point, I think it’s likely to see some resistance above on short-term rallies. If we were to break above the €14,500 level, then the DAX could really start to take off. However, I don’t think we get that between now and the new year. If anything, we could see a little bit of selling.
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Source: MarketWatch - 🏆 3. / 97 Read more »