DAX:
Major resistance – 11790
German index was trading weak for the past 1-1/2 month and lost nearly 10% from its high on global equity market sell-off due to the escalation of a trade war between the US and China. The index hits high of 11786 and is currently trading around 11723.
The near term support is around 11648-665 and any break down below this level will take the index till 11545/11440. Bearish continuation only below 11400.
On the higher side, resistance is around 11790 and the violation above targets 11907/12050.
It is good to buy on dips around 11650 with SL around 11440 for the TP of 12000.
FTSE100:
Intraday trend –weak
Major Intraday resistance – 7260
Major support – 7155-7187 (Aug 7th low and 200- day MA)
FTSE100 recovered more than 100points to 7258 and started to decline sharply. The slight jump can be used as selling opportunities.
It is good to sell on rallies around 7215-20 with SL around 7260 for the TP of 7090
