An eye on the bulls in Germany

The German equity (IG quote this as Germany 30) market looks strong and I have looked at the weekly chart.

Stock Exchange
Source: Bloomberg

As you can see, the index is once again knocking on the 10,000 level, but  seems to find strong supply present. Momentum and trend indicators suggest holding a long bias, but I would personally look to buy the break and wait for a weekly-close above the June high of 10,048.

Stops and profit targets can be looked at once the entry has been achieved. However, I prefer to wait for the market to show firm control from the bulls before entering here.

Click to enlarge

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