Dominic Picarda’s Daily Pick

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By Dominic Picarda.

The standout performer among the markets covered here right now is clearly the DAX. Despite the continuing uncertainty in Washington, the German index has spurted higher overnight, having held up well yesterday. Especially heartening is the current positioning of retail traders. Something like 83% of them are short of this index, according to the latest snapshot I’ve seen. Such bearish sentiment combined with an up-trending index has got to be good news as far as I am concerned. I look for further buying opportunities in the indices today, and another shorting entry in gold.

DAX 30

Yesterday: “I reiterate my call for a move to 8836.” Overnight, the DAX has spurted triumphantly right to my target. It is now somewhat overbought on a fourhourly timeframe, so I’d allow for a bit of backing up in order to set up a move to 8938.

Support: 8835.7 – Resistance: 9009.1

Support: 8800.1 – Resistance: 9069.8

Support: 8725.8 – Resistance: 9000.1

Support: 8700.6 – Resistance: 8938.2

DAY: I’d buy a bounce from around the 13-fourhouly EMA

POSITION: I’d buy a bounce from around the 13-fourhourly EMZ

Dominic Picarda CFA, CMT writes the Trader column at

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