Major support - 12147 (20- day MA)
DAX lost more than 2% from high of 12454 made on Friday after US Trump’s tweet about US-Sino trade deal. Trump made it clear that US will impose more tariffs on Chinese goods. It will hike import duty of 200bn Chinese goods from 10% to 25%. It hits intraday low of 12166 and is currently trading around 12255.
On the lower side, major support is at 12147 and any convincing break below will drag the index down till 12000/11813 (55- day EMA).
The near term resistance is around 12500 and violation above confirms bullish continuation and a jump till 12650/12800.
It is good to sell on rallies around 12250-300 with SL around 12500 for the TP of 11820.
