Facts:
DE40 bounced off the support zone at 23,935 pts
German index is trading above a 90-period moving average from H1 interval
Recommendation:
Trade: Long DE40 at market price
Target: 24200, 24280
Stop: 23900
Opinion: Looking at the DE40 chart, the German index bounced off the key area near 23,935 pts, which is marked with a lower limit 1:1 structure, previous price reactions and 90-period moving average. According to the Overbalance methodology, as long as the price sits above the aforementioned support at 23,935 pts, the main sentiment remains bullish. In addition the hammer candlestick formation appeared on the chart. We recommend going long DE40 at market price with two targets: 24,200 and 24,280. We also recommend placing a stop loss order at 23,900 pts. Source: xStation5
