FxWirePro: DAX30 trades well below 12000 level, good to sell on rallies

• DAX index is trading weak continuously for three consecutive days on account of trade war fears and declined sharply more than 1.5% yesterday. The index has closed at 11792 well below 12000 level. US markets tumbled sharply yesterday and was the worst week in two years. The main reason for the decline is that Trump’s trade policies and their fallout will affect the global economic growth. The index declined almost 2% yesterday.  Dow and S&P500 closed at 23533 (1.77% lower)/2588 (2.10% lower). S&P500 futures has shown a slight rebound and is at 2610 0.48% higher. Asian stock indices recovered slightly after a huge gap down opening.
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• DAX index has broken major psychological support 11800 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 12000-12050 with SL around 12250 for the TP of 11740/11425.