Technical outlook and chart setups:
The DAX made lows around the 9340/50 levels last week, before bouncing back sharply. Please note that the index is holding its support trendline pretty well and has managed to stay in its buy zone as of now. Furthermore, the bounce has come at the Fibonacci 0.618 support of the rally between the 8,400 to 12,400.00 levels, respectively. It is hence recommended to remain/initiate fresh long positions on dips ahead of the 9,400/9,500 levels in this week with risk at 9,300, respectively. Immediate support is at the 9,350 levels and lower, while resistance is seen at the 11,500.00 levels, and higher respectively.
Trading recommendations:
Remain long/ initiate fresh long positions on dips, stop is at 9300, target is a fresh high.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com