Are the German stocks showing some downside is coming in this market?
This morning I was scanning the charts and have a look at some plays for the coming week. I am looking to take some short positions on some stocks the coming week and I love how already the dax is starting to pullback on the daily chart.
I was scanning and my eye fel on the BMW chart, this stock is trading on the German DAX and it is starting to make a nice insp bear flag below the 20 and 50 moving average. I am looking to take a short position at the close on Monday. If the stock is already pulling back on Monday this will be off the table.
I am looking for an entry at 71.60 level my stop on this play will be the confirmation above the 20 moving average. My first goal will be 67.55 and my 2nd goal will be 63.50.
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Looks like this is not only the DAX but also other indices like the CAC and other european stocks.
For the DAX a pullback to 73xx or less is highly possible in the next weeks.
From there new high of >8K looks realistic.