- DAX index is continuing its bullishness for 8th consecutive week after forming a bottom around 11703.. The index recovered almost more than 1100 points (11%) from the low. US indices S&P 500 and Dow jones has declined almost more than 1% from the recent high. S&P500 futures is trading flat after a 0.68% decline yesterday and is trading around 2710 0.02% higher. Asian stock indices trading slightly lower following footsteps of US markets.
- The minor bullishness can be seen only if it breaks 13050 and any break above will take the index to next level till 13198 (78.6% fibo)/13387/13600.
- On the lower side, near term major support is around 12687 (200- day MA) and any close below will drag the index till 12576 (55- day EMA)/12200 (61.8% fibo).
It is good to sell on rallies around 13000-13050 with SL around 13200 for the TP of 12580/12200.