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DAX 30: break above 9747 will give a strong bullish signal

DAX 30 The index’s last technical formation shows a double bottom on the horizontal support at 9614, as the second bar pierced the level but returns above it. This indicates that buyers have the upper hand over sellers. As the negative bar was unable to close below the level of 9614 we should begin to monitor the opening levels of this negative bar 9730, passing of the price above this level will signal a possible growth and levels suitable for new purchases.

The above mentioned formation is used for trading as a “turtle soup” strategy,.. etc., which gives us a signal for trading long before the activation of the formation “double top”, ie before crossing over the price of 9874.

Double bottom? It is still too early to answer this question. A signal for growth will accure, only after the price passes over 9747. Around these levels we find the diagonal resistance. A brech there will mean a possible new bullish momentum and a new uptrend wave.

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