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Lucas: Dax dipping as market thins

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Steve Lucas thinks the failure of the Dax to get back to record highs first hit two weeks ago means that the index will continue dipping. Steve says: "Yesterday’s reversal has weakened signals and we should get further confirmation of a potential topping pattern on the open today with a break of the trend of higher daily lows."

Steve's trade is to sell on the open and then on any intraday bounce to 12053.0, the last 6 hour high, with a stop loss at 12092.0, Tuesday’s opening trade.

Targets: 11843.0, a 50% pullback to gains since last week’s low and 11650.0, last week’s base.