Germany stocks were higher after the close on Friday, as gains in the Utilities, Basic Resources and Media sectors led shares higher.
The index was also boosted by strong German numbers across the German economy, as business confidence, retail sales and unemployment claims all beat their estimates.
The Friday’s high was resisted at 12365.6 starting from a low of 12240.9, making a total movement of 12.5 pips.
Traded with 2 mini lot of 0.2, with a margin of 31k, we would have made 209k which is almost 7X our investment.
The index briefly touched the 12428.5 point (all time high) in April of 2015 and Friday’s high was at 12365.6 points, which is 0.5% less than the all time high. Irrespective of the perceived health of the German economy, it is better to pay close attention as a double top is still in the cards. With other technical oscillators showing a very overbought market, we can expect a short bounce off this technical and sentimental price level.