Since its low on October 16th the DAX is in rally mode again. The intraday low at 8,350 points was the start for a new climb towards its all-time high. Still a little more than 200 points to go - a little less than 3%. But there is resistance ahead. Although driven by the ECB's stimulus there is a probability of a rebound from the resistance around 9825 points before the DAX will have enough momentum to further climb. But a pullback to the next strong support around 9,380 - 9,490 does not seem very likely - a pullback to 9,700 should be sufficient and not worry the bulls too much. Once the September high at 9,890 is breached 10,000 points is the next important level and we might see the DAX trade above 10,000 points at new all-time highs well before Christmas.
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