Ichimoku Analysis (Daily Chart)
Tenken-Sen- 11401
Kijun-Sen- 11053
DAX 30 continues to trade higher for 10 days and jumped nearly 20% on strong global markets. The easing of lockdown and hopes of the COVID-19 vaccine has increased risk appetite. Markets eye further development in US-China trade talks and second wave of coronavirus for further direction. The index hits an intraday low of 12058 and is currently trading around 12001.
On the higher side, immediate resistance is around 12097 (200- day MA) and any indicative close above will take the index till 12280/12400.
The near-term support is at 11800 and any violation below targets 11600/11400/11300. Major sell-off only if it breaks 10800.
It is good to sell on rallies around 12085-90 with SL around 12250 for the TP of 11530/11300.
