Chart pattern- triple top
Major resistance - 11680
DAX trades lower for 3rd consecutive day following footsteps of Wall Street. All European markets is trading lower after more dovish ECB. The central bank has downgraded Eurozone growth forecast to 1.1% from 1.7% 2019. It hits intraday low of 11424 and is currently trading around 11450. DAX was one of the best performer in past two month and jumped more than 13% on easing trade war between US-China.
After break below 11400 (20- day MA) will drag the index till till 11198 (100-day MA)/11000.Major weakness only below 10800.
The near term minor jump is possible only above 11580 and any break above targets 11680.Any violation above major resistance 11680 will take the index till 11800/12000.
It is good to sell on rallies around 11550-60 with SL around 11680 for the TP of 11200.
