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DAX30:Short term Outlook

  • Major support – 10090 (90 day EMA).
     
  • The index recovered after making a low of 10090 on Aug 3rd 2016. It is currently trading around 10259.
  • DAX has formed the temporary top around 10487 on Apr 21st 2016 and the index is struggling to close above that level. So trend reversal can happen above 10500.
     
  • Short term resistance is around 10300 and break above targets 10375/10470.
     
  • On the lower side, the immediate support is at 10090 (90 4H EMA) and any break below will drag the index down till 10000/9960 (200 4H MA)/9840.

It is good to sell on rallies around 10250-10300 with SL around 10500 for the TP of 9962/9845.

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