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FxWirePro: DAX30 faces strong support at 21- day MA, good to buy on dips

  • Major Resistance- 10750 (trend line joining 11926 and 11432).
     
  • Major support – 10550 (21 day MA).
     
  • The index has once again taken support near 21 day MA and slightly jumped from that level. It is currently trading around 10663.
     
  • Minor term trend is slightly bullish as long as support 10475 (trend line joining 10386 and 10438) holds.
     
  • On the lower side, any violation below 21-day MA will drag the index further down till 10475.Any break below trend line support drags the index further down till 10315 (9-W EMA).
     
  • Any break above 10750 will take the index till 11000/11432 (Nov 2015 high).

It is good to buy on dips around 10580-600 with SL around 10475 for the TP of 10750/11000

  • Market Data
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