Summary session 10/21/2016

On Friday we saw another bullish session on the Frankfurt stock exchange. On Thursday we had a meeting of the European Central Bank which did not change anything regarding its monetary policy but at the press conference after the meeting ECB chief Mario Draghi said that the abrupt termination of the program purchase of assets is unlikely, what met with a positive reception on the German Stock Exchange.

The index came close to the level of 10750 points and today definitely broke it and is now heading toward 10,850 points. Good PMI readings from Europe helped which appeared this morning.

DAX Long Term

The index is still above the upper limit of the downward channel, which broke in August. Currently it is heading toward 10,850 points. After breaking this area should have an open path to the round level of 11,000 points.

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