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DAX futures indicate a possible reopening above 15,200 this morning

The best performing major European stock market index yesterday was the CAC 40, with a gain on the day of 1.85%. The FTSE 100 and the DAX both almost matched strides, with respective gains of 1.42% and 1.48%. So, it was a positive day all around and the break above the noted 21 day moving average in the DAX did not look back, as it extended the move to as high as 15,202. However, it was not able to hold all that gain and later fell back to close at 15,143. That looked mostly down to profit-taking on the day and it was still a solid rise of 220 points on the session. The DAX futures have rebounded since that close and right now they are indicating a reopening shortly, at around 15,200. Taking the July 31 high (16,528) and the October low (14,630), we get a 38.2% pullback target at 15,355 and the index could be heading to try and reach that. Beyond 15,355 we have the falling 50 day moving average. That is in place this morning at 15,379. 

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