DAX: Further upside potential up to 8250
The DAX had a strong session on Tuesday, with the German benchmark index gaining over 1% for the day to close at 8067. The market remains in indecisive territory this morning, with the prices holding above a declining trend line on the 30 min chart, which is a key support level to look at. We expect the market to continue its grind higher. The upside penetration of 8250 would open the door for May’s highs at the 8460 area. We expect to see significant resistance on the way up, with pullbacks above 8000 being good buying opportunities. In the alternative scenario, we would have to see a consistent break below 7970, in order for the bias to turn to the downside.
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