Bulls Should Eye Nasdaq, DAX: Charts
The Nasdaq 100 index is showing a "pretty good uptrend," noted Roelof van den Akker, technical analyst from ING Wholesale Banking Tuesday.
The US is experiencing a small consolidation over the next few days, but will resume its upward momentum towards 2,000 in coming weeks, van den Akker said.
Once the index is in the 2,000 to 2,200 area, it will likely "take a breather and just move sideways," he predicted.
"Sell strength towards 2,000 and expect some downside," he told CNBC.
Germany's DAX index "completed a nice bottom formation for the very short term" last week, according to van den Akker.
As a result, there's "upward potential for the very short term" for the index, possibly testing the January highs around 6,060 in "the next few weeks," he said.
If the DAX breaks above that high, we could see a rally toward 6,225, he added.
The DAX is "somewhat lagging the American markets because the Nasdaq is already testing its highs," he said on "Squawk Box Europe."
More from CNBC.com:
- Stick to Biggest & Safest Names: Strategist
- How to 'Buy American' in Europe
- Positive on Stocks for Next 6 Months: Advisor