Major support 12800. DAX has shown a minor recovery from the low of 12811 made on Dec 1st 2017. The index hits fresh 2-1/2 years high at 13534 at Nov 7th 2017 and is consolidating within narrow range from that level. It …
DAX has shown a minor recovery from the low of 12811 made on Dec 1st 2017. The index hits fresh 2-1/2 years high at 13534 at Nov 7th 2017 and is consolidating within narrow range from that level. It is currently trading around 13105.
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% retracement of 13535 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 13180-13200 with SL around 13400 for the TP of 12440.
