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FxWirePro: DAX30 Daily Outlook

  • DAX index was consolidating after hitting high of 12535 and closed yesterday at 12431 0.32% higher. US markets was closed slightly lower yesterday after six days of winning streak. Dow jones and S&P500 declined almost 1% and 0.58% yesterday. S&P500 futures is trading slightly up and has taken support near 55- day EMA at 2704. It is trading around 2718. Asian stock indices especially Nikkei is trading slightly higher on account of recovery of USD against JPY.
     
  • DAX index jumped almost 300 points in the previous week and has closed yesterday 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.

It is good to buy on dips around 12200-250 with SL around 12000 for the TP of 12660/13000.

 

 

 

 

 

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