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FxWirePro: DAX30 hits 2-1/2 month high on trade talk hopes, good to buy on dips

DAX30 is trading higher after breaking major resistance 11390 high made on Feb 5th 2019 on account of US-China trade talk optimism and strong global market. The index recovered sharply more than 600 points from low of 10862 made on Feb 8th 2019 almost 2 weeks. It is currently trading around 11463.

 

Technically the index is trading above 11385-390 (trend line resistance and high made on Feb 5th 2019) and this confirms minor bullishness and a jump till 11580/11684 is possible.

 

On the lower side near term support is around 11337 (23.6% fib) and any break below will drag the index down till 11215-11237 (300- 4H EMA and 55-4H EMA)/11000

 

It is good to buy on dips around 11330-40 with SL around 11180 for the TP of 11580/11685.

 

 

 

 

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