Major trend line resistance- 12080-12141
DAX is trading higher for 6 consecutive days and jumped more than 3.5%. The index jumped more than 19% in past 3-1/2 month on account of easing trade tension which increased risk appetite. US markets is consolidating after a huge jump of more than 25%. It has closed around 12248 on Thursday and markets shut today on account of Easter.
The near term support is around 12050 (5- day MA) and any violation below will take the index to next level till 11784 (20- day MA)/11610 (55- day EMA).
On the higher side, major resistance is around 12200 and any violation above will take the index to next level till 12500/12600.
It is good to buy on dips around 12000 with SL around 11785 for the TP of 12600.
