Major support 12800 DAX is consolidating in narrow range after hitting low of 12811 on Dec 1st 2017. The index hits fresh 2-1/2 years high at 13534 at Nov 7th 2017 and declining from that level. The index shown a minor r…
DAX is consolidating in narrow range after hitting low of 12811 on Dec 1st 2017. The index hits fresh 2-1/2 years high at 13534 at Nov 7th 2017 and declining from that level. The index shown a minor recovery above 13200 and started to decline from the high. It is currently trading around 13144.
The index is facing strong support at 12800 and any violation below will drag the DAX down till 12400 (233- day MA)/12192 (38.2% retracement of 10402 and 13534). Short term weakness can be seen below 11867 low made on Aug 28th 2017.
On the higher side, 13262 (61.8% of 13534 and 12811) will be acting as near term resistance and any break above will take the pair to next level till 13534/13970 (161.8% retracement of 13534 and 12811).
It is good to sell on rallies around 12970-13000 with SL around 13220 for the TP of 12440.
