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DAX30 :161.8% retracement and RSI bearish Divergence

  • Major Resistance- 11327 (161.8% retracement of 10830 and 10025);
     
  • Major support – 10485 (trend line joining 9302 and 10200).
     
  • The index  jumped sharply after breaking major resistance10830. It jumped till 11240 and slightly declined from that level.  It is currently trading around 11180.
     
  • On the lower side, minor support is around 10999 (5- day MA) and any break below 10999 will drag the index down till 10780/10720 (61.8% retracement of 10403 and 11240)/10630 (daily Kijun-Sen).
     
  • The major resistance is around 10830 and any violation above targets 11040/11320 (161.8% retracement of 10830 and 10025).
     
  • Short term weakness only below 10000.

It is good to sell on rallies around 11200 with SL around 11330 for the TP of 11000/10800

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