Ichimoku Analysis (Daily Chart)
Tenken-Sen- 13258
Kijun-Sen- 13250
DAX 30 has halted its 3-days losing streak and started to jump from a low of 13179. German indices were one of the best performers in the previous month and surged more than 15%. The jump was mainly due to COVID-19 vaccine optimism. The upbeat market sentiment as Moderna claims that data confirms 94% effective for Coronavirus treatment. The index hits an intraday high of 13266 and is currently trading around 13260.
On the higher side, immediate resistance is around 13292 (200 H MA) and any indicative break above will take the index till 13370/13450. Any daily close above 13500 confirms bullish continuation, a jump till 14000 likely.
The near-term support is at 13179 and any violation below targets 13000/12874. Major sell-off only if it breaks 12870.
It is good to buy on dips around 13125-150 with SL around 13000 for the TP of 13500.
