Major support - 11000
DAX was trading weak for past 2-weeks following foot steps of Wall Street. US markets has lost more than 7% in past 10 trading session. DAX declined more than 5% after forming a minor top around 11685 on Nov 8th 2018. The index has made low of 11009 yesterday and shown a minor recovery. It is currently trading around 11145 (0.72% higher).
The near term major resistance is around 11170 (23.6% fib) and any break above targets 11316 (7- day MA)/11380 (20- day MA)/11500. The index should break above 11685 (Nov 2nd 2018 high) for further bullish continuation.
On the lower side, strong support is around 11000 (double bottom) and any break below confirms minor trend reversal and a dip till 10780/10400 is possible.
It is good to buy on dips around 11100 with SL around 10900 for the TP of 11500/11650.
