European stock markets surged Monday, boosted by healthy manufacturing data in the region, a semblance of calm in global bond markets and more positive news of Covid-19 vaccines.
European PMI data came in ahead of expectations, climbing to 57.9 in February from 54.8 last month, with the dominant German manufacturing sector expanding at an impressive rate. This suggested that this important sector has weathered the current mobility restrictions throughout the continent in a better shape than the first lockdowns.
On technical fronts DAX 30 RSI stood at 51.55 and currently stock is trading below 20 days MA and above 5 and 50-days Moving Averages. So, BUY position can be taken with following target and stoploss.
TRADE SIGNAL – : DAX 30 – BUY: 13920.6.31, TARGET: 14066.6, STOP LOSS : 13819.50