FxWirePro: DAX30 trades weak on Trump’s trade war fears, good to sell on rallies

• DAX index was trading weak and declined more than 2% yesterday. The index has closed at 11991 2.20% lower. US markets tumbled sharply yesterday after U.S President Donald Trump   announced long-promised tariffs on Chinese goods and index declined almost 3% yesterday.  Dow and S&P500 closed at 23957 (2.93% lower)/2643 (2.52% lower). S&P500 futures is continuing its yesterday weakness and is at 2626 0.68% lower. Asian stock indices was trading mixed after Fed rate hike.
   
• US President Donald Trump has instructed USTR to levy tariffs on 100 different types of Chinese goods today.
   
• DAX index has broken major psychological support 12000 and any minor bullishness can be seen only above 12603 high made on Feb 26th 2018. The index should close above 200- day MA at 12707 for further bullishness.                                 
• The minor bullishness can be seen only if it closes above 12410 (trend line resistance) and any close above will take the index to next level till 12500/12605. It should break above 12715 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 sell on rallies around 12200-250 with SL around 12500 for the TP of 11740/11425.