The DAX German index has rallied again during the trading session on Wednesday- forextrade forextrading
Enter your emailhas rallied again during the trading session on Wednesday, gaining over 1% as the “risk on” trade continues to be invoked
When you look at the longer-term chart, the downtrend line has offered a bit of resistance, with the €13,200 level offering a significant amount of resistance., which is currently right around the €13,600 region.If we fall from here, and I do think that we will eventually, it’s very likely that we will try to get down to the 50-Day EMA, and then possibly even down to the €12,500 level.
After all, we are starting to show signs of exhaustion, but now when you look at the longer-term chart, you can see that we still have not actually broken market structure to the upside. Yes, there has been a very complex wave that has been formed over the last several weeks, but at the end of the day, we still haven’t changed everything.
Keep in mind that the European Union will have to worry about energy production and whether or not there is even going to be enough to heat homes this winter. The war rages in Ukraine and shows absolutely no signs of slowing down anytime soon, so I think, and I think a lot of the “hopium” in the stock markets could take a beating rather quickly. If you look back to the summer, we had seen a very similar rally that ended up being sold off quite drastically.
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