DAX (GER30) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 21,514.06 which is a pullback support that aligns close to a 38.2% Fibonacci retracement.
Stop loss is at 21,080.00 which is a level that sits under swing-low support.
Take profit is at 22,033.93 which is a level that aligns with the 61.8% Fibonacci projection.
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The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.,# Market Update: DAX (GER30) Approaches Key Support Level
## Key Points
– **Current Trend**: The DAX (GER30) is experiencing a downward trend and is approaching a significant pullback support level.
– **Buy Entry Point**: The recommended buy entry is identified at **21,514.06**, which corresponds closely to a **38.2% Fibonacci retracement** level.
– **Stop Loss Strategy**: A prudent stop-loss is suggested at **21,080.00**, positioned beneath recent swing-low support, to mitigate potential losses.
– **Profit Target**: The take profit level is set at **22,033.93**, aligning with the **61.8% Fibonacci projection**, indicating a target for securing profits on the trade.
– **Investment Risk**: Emphasized warnings about the high risk associated with trading Forex/CFDs on margin, particularly highlighting that leverage can exacerbate losses.
### Investment Caution
Amidst the current volatility, it is critical to consider the inherent risks of trading not only in Forex/CFDs but particularly with leveraged instruments. The disclaimer regarding potential financial losses is an essential reminder of the importance of risk management and conducting thorough research before investment decisions.
## Hot Take
The DAX (GER30) appears positioned for a potential rebound from the highlighted support level, offering traders a strategic entry point. However, the outlined stop-loss and take profit mechanisms must be adhered to, given the unpredictable nature of market movements in this sector. As we tread carefully in this environment, remaining vigilant and informed will be paramount in navigating the complexities of leveraged trading.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/GER30/I6tXgE7K-DAX-H4-Pullback-support-at-38-2-Fib-retracement/
