Major support- 12100
DAX recovered slightly after a more than 300 points dip from high 12491 made on Sep 13th, 2019. German economic data which has been released shows that the economy is in contraction. German manufacturing PMI came at 41.4 much less than 43.5 in Jul while the IFO index slightly positive at 94.6 compared to 94.3 in the previous month. It hits an intraday high of 12372 and is currently trading around 12365.
On the flip side, near term support is around 12120 (300- 4H EMA) and any violation below targets 12000/11850.
The near term resistance is around 12380 and any break above 12490/12595/12655. The major trend reversal is around 12660.
It is good to buy on dips around 12225-250 with SL around 12100 for the TP of 12600.
