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FxWirePro: DAX30 to trade higher as Trump’s trade war fear ease, good to buy on dips

  • DAX index has shown a minor recovery from the yesterday low of 11976 and closed slightly higher at 12247 0.72% higher. US futures has shown a good recovery as White House spokeswomen said that expected U.S tariffs on steel and aluminum may exclude Canada, Mexico and a few other countries. S&P500 futures is trading slightly on the higher side at 2724 0.12% higher. Asian stock indices are trading lower on the footsteps of US markets.
     
  • DAX index has formed a minor top around 12605 and started to decline from that level. The index should close above 200- day MA at 12740 for further bullishness.            
               
  • The minor bullishness can be seen only if it closes above 12340 (10- day MA) and any close above will take the index to next level till 12500/12605. It should break above 12740 for further bullishness.
     
  • On the lower side, near term major support is around 11800 and any close below will drag the index till 11400/11000.The minor support is around 12000.

It is good to buy on dips around 12000-050 with SL around 11730 for the TP of 12420/12660.

 

 

 

 

 

 

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