DAX is in bullish phase after a massive 330 points sell-off from major top 13601 made on Jan 23rd 2019. The index has halted its major weakness on Dec 27th and started to show a good jump of nearly 1800 points. The jump was mainly due to strong US markets and easing US-China trade tensions. The index hits high of 12035 and is currently trading around 12000.
Technically, index is facing major trend line resistance around 12100 (trend line joining 13601 and 13202) and any break above will take the index to next level till 12353 (61.8% fib)/12600/12800.
On the lower side, near term support is around 11795 (300- day EMA)11600 (200- day MA). Any close below 11600 confirms further weakness and a decline till 11400/11270 is possible.
Momentum indicator RSI shows slightly overbought (above 70) and this shows minor weakness till 11400 is likely.
It is good to sell on rallies around 12000-025 with SL around 12200 for the TP of 11400/11290.
