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DAX30 trades well above trend resistance, targets 10480/10790

Major resistance- 10270 (trend line joining 10487 and 10348) Major support- 10200 (resistance turned into support) The index has broken major resistance 10270 and jumped till 10386 at the time of writing. It is currently…

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DAX30 trades well above trend resistance, targets 10480/10790
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  • Major resistance- 10270 (trend line joining 10487 and 10348)
     
  • Major support- 10200
    (resistance turned into support)
     
  • The index has broken major resistance 10270 and jumped till 10386 at the time of writing. It is currently trading around 10358.
     
  • Short term trend is bullish as long as support 10200 holds. On the higher side major resistance is around 10375 (May 31st high) and any break above targets 10480/10800 in the short term.
     
  • On the lower side any break below 10200 will drag the index down till 10000/9920.
     
  • Short term weakness only below 9900.

It is good to buy on dips around 10300 with SL around 10200 for the TP of 10480

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