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FxWirePro: DAX30 to trade lower on weak US markets, good to sell on rallies

  • DAX index was trading slightly lower yesterday and hits low of 12425 and closed yesterday at 12431 1.22% lower. US markets was closed on the lower side with Dow (1.16% lower) and S&P500 (1.27% lower) after Powell’s remarks. S&P500 futures continuing its weakness and is trading at 2739 0.27% lower. Asian stock indices are trading higher on the footsteps of US markets.
     
  • DAX index declined after hitting high of 120603 and close slightly below 20 –day MA at 12431.    
     
  • The minor bullishness can be seen only if it closes above 12660 (233- day MA) and any close above will take the index to next level till 12890/13050 (100- day MA). It should break above 13600 for further bullishness.
     
  • On the lower side, near term major support is around 11800 and any break below will drag the index till 11400/11000.The minor support is around 12000.

It is good to buy on dips around 12350-400 with SL around 12200 for the TP of 13000.

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