Dominic Picarda’s Trading Pick 6th November 2013
By Dominic Picarda.
While the European Central Bank has been playing it cool so far, I expect it will eventually have no choice but to resort to more aggressive monetary policies than it already has done. These in turn should be positive for European equities, which remain generally at low levels by the standards of the past thirty years’ valuations. For the very near term, I also remain bullish, targeting an imminent renewal of the uptrend that has been in force for autumn to date. Volatility around the ECB’s Thursday’s meeting could well be seen, especially if it fails to hint at any initiatives to boost slackening inflation in the Eurozone.
The next update will be on Friday, 8 November.
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DAX 30
While yesterday’s early lurch lower came as a surprise, the uptrend remains very much intact in the DAX. I am looking for the German index to break upwards towards a new record peak at 9153.
Support: 9000.1– Resistance: 9184.7
Support: 8938.2 – Resistance: 9143.1
Support: 8835.7 – Resistance: 9109.1
Support: 8800.1 – Resistance: 9069.8
DAY: Stay long or buy a further rally back through the 13-fourhourly EMA
POSITION: Stay long.
Dominic Picarda CFA, CMT writes the Trader column at http://www.investorschronicle.co.uk/comment/the-trader
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