Major support - 11000
Ichimoku analysis (Hourly chart)
Tenken-Sen - 11221
Kijun-Sen - 11217
DAX is trading higher and jumped more than 200 points from low of 11000. The index has formed a temporary top of 13600 and lost more than 2500 points following foot steps of Wall Street. DAX has formed almost a double bottom at 11000 and any major weakness only below that level. It is currently trading around 11344 (1.54% higher).
The near term major resistance is around 11360 (200 H MA) and any convincing break above targets 11500/11685. 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 11200-220 with SL around 1100 for the TP of 11500/11650.
