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FxWirePro: DAX30 trades lower on weak global cues, good to sell on rallies

  • DAX index has declined almost 500 points from the minor top at 12649 made yesterday. S&P500 declined sharply till 2581 almost 3.75% yesterday closed at day’s low. But S&P futures is trading slightly positive. Overall trend is still weak and any break below 2531 confirms further bearish continuation.
     
  • DAX index declined more than 3% yesterday and has closed around 12130.
     
  • 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.

It is good to sell on rallies around 12350-400 with SL around 12660 for the TP of 11860.

 

 

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