Charts Predict: 3 Weeks Left to Buy Stocks
The bear-market rally could continue for the next two or three weeks and investors should sell bonds and buy stocks in the short term, Roelof van den Akker, chartist at ING Wholesale Banking, told CNBC.
Germany’s DAX index is set to push higher from its March lows to the upper end of its strong horizontal resistance level of around 5,300 points, Akker said. The index could dip in the coming sessions, but Akker said he thinks these moves lower will be brief and a buying opportunity.
The rise in stocks will continue until the end of May, or the first half of June, “but then I would say we have seen the highs within this bear-market rally,” he said.
Meanwhile, there is an excellent selling opportunity in German bonds in the coming weeks and next two months, according to Akker.
- Watch the full interview with Roelof van den Akker above.
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