DAX30 trades slightly above 161.8%, jump till 11880 likely
Major Resistance- 11327 (161.8% retracement of 10830 and 10025) Major support – 10485 (trend line joining 9302 and 10200). The index broken 161.8% fibo level 11327 and jumped till 11399.It is currently trading around 113…
Major Resistance- 11327 (161.8% retracement of 10830 and 10025)
Major support – 10485 (trend line joining 9302 and 10200).
The index broken 161.8% fibo level 11327 and jumped till 11399.It is currently trading around 11300.
The break above 11327 confirms that decline from 10830 got ended at 10025 and jump till 11800 is possible.
Minor term trend is bullish as long as support 11200 (7- day MA) holds.
On the lower side, minor support is around 11200 (7- day MA) and any break below 11200 will drag the index down till 11050 (10- day MA)/10900 (daily Tenken-Sen)/10705 (50% ).
The major resistance is around 11337 and any violation above targets 11435/11579/11882 (May 20th high).
Short term weakness only below 10000.
It is good to buy on dips around 11350-380 with SL around 11200 for the TP of 11880.
