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…
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.
