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O'Hare: Shorting Dax amid fears of global slump

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With global markets continuing to slump and renewed fears of a global slowdown hitting banking stocks in patricular, Steve O'Hare is planning to short the Dax.    
The technical picture for the DAX is concerning according to Steve mainly because of the close below the "previously seemingly impenetrable" support at 9300.   
The negative close confirms the failure of a triangle formation, the long term upward trending support from 2011 and the 200-week moving average.

"However, the more serious point of concern would be the measured move target of the channel formation which target the 6000-6200 area." Steve points out.  

Set shorts at current level and rally to 9300

Stop: 9500

Target: 8350 (a medium term measured move target which is generated from the AB=CD formation.)