German DAX Targets Further Highs until this Changes
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German DAX– Retail traders continue to sell aggressively into gains for the GER30, which tracks the German DAX, and a contrarian view of ‘crowd’ sentiment leaves us in favor of buying into DAX gains.
Our data shows 57 percent of open GER30 positions are currently short. When most are selling we typically look to buy and vice versa. Until we see a substantive shift in the opposite direction we’ll continue to call for German DAX gains.
See next currency section: S&P - S&P 500 Remains a Buy
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.