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DAX Forecast February 16, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Feb 16, 2017, 03:17 UTC

The German index fell initially on Wednesday but found enough buying pressure underneath to turn around and form a very supportive looking candle. It

Dax daily chart, February 16, 2017

The German index fell initially on Wednesday but found enough buying pressure underneath to turn around and form a very supportive looking candle. It looks as if the market could bounce and continue to reach towards new highs again, which has me looking for the €1200 level eventually. I believe that the longer-term uptrend is obvious, and because of this buyers will be interested in buying the DAX every time it dips as it offered value. I believe that the absolute floor in the market is at the €11,500 level currently. Ultimately, I believe that we go much higher.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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