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- 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 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.
