FxWirePro: Buy DAX30 on dips
Monday, February 19, 2018 5:24 AM UTC
- DAX index has closed slightly on the higher side on Friday more than 1% up. US markets was trading higher and S&P500 post biggest weekly gain since 2013. The main reason for rebound in US market was due to strengthening of US economy and rise in corporate earnings. S&P500 has closed slightly above 2725 and this confirms minor bullishness a jump till 2800 is likely. It is trading around 2735 0.11% higher. Overall weakens can be seen only below 2530 level.
- DAX index jumped almost 300 points in the previous week and has closed at 12485.
- The minor bullishness can be seen only if it closes above 12660 (233- day MA) and any close above will take the index to next level till 12890/13050 (100- day MA). It should break above 13600 for further bullishness.
- On the lower side, near term major support is around 11800 and any break below will drag the index till 11400/11000.
It is good to buy on dips around 12200-250 with SL around 12000 for the TP of 12660/13000.
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