FxWirePro: DAX30 Daily Outlook

• DAX index has closed slightly weak at 12357 0.4% lower. But Dow and S&P rose more than 1% yesterday for the fifth consecutive days. The main reason for rebound in US market was due to strengthening of US economy and rise in corporate earnings. S&P500 broke major resistance at 2725 and this confirms further bullishness and a jump till 2800 is possible.  It is trading around 2735 0.11% higher. Overall weakens can be seen only below 2530 level.
   
• DAX index declined slightly after hitting high of 12481 yesterday and index dipped 200 points yesterday from the high and has closed around 12357.          
   
• The minor bullishness can be seen only if it closes above 12660 (233- day MA) and any close above will take the index to next level till 12890/13050 (100- day MA). It should break above 13600 for further bullishness.
   
• On the lower side, near term major support is around 11800 and any break below will drag the index till 11400/11000.

It is good to buy on dips around 12150-200 with SL around 12000 for the TP of 12660/13000.