After 5 days of bullish closes, the German index finally printed a bear bar, which seemed appropriate as it has made all time highs while coming close to the big figure at 10000. I’m looking to trade with the trend here until I see otherwise, and the bearish close today doesn’t muster that feeling as its not aggressive enough to suggest the bull trend is over, or that the bears have taken control.
Our Trade Idea: Look for a pullback setup around 9800/9785 with stops near the daily 20 EMA. Upside targets will be 9950 and 9995 taking profit just shy of the 10K mark which looks to be tagged in the near future.