German DAX Uptrend Remains Intact
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German DAX– Retail traders remain short the GER30—a CFD contract which tracks the German DAX—and a contrarian view of crowd sentiment points to further DAX gains.
A key caveat is that GER30 positioning has moderated considerably in the past week; our data shows a mere 56 percent of traders are short versus 66 percent last week. The recent swing in crowd sentiment gives us pause in our calls for German DAX strength, but we would ultimately need to see a much larger shift towards GER30 buying to abandon our bullish trading bias.
See next currency section: S&P - S&P 500 Looks to Rally onto Fresh Highs
--- 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.