- DAX index was trading slightly higher yesterday and closed at 12261 0.84% higher. US markets has shown a minor weakness of almost 1% on account of trade war fears. US Dow closed at 24758 (1% lower) and S&P500 at 2749 (0.5% lower). The main reason for Dow’s decline was Boeing which declined more than 2% on fears of trade war with China. S&P500 futures is trading flat and is at 2755 0.0% and traders eyes US Empire state manufacturing and Philly Fed manufacturing index which is to be released today for further direction. Asian stock indices is trading weak following footsteps of US markets.
- US retail sales fell for the third straight month and it has declined 0.1% for the month of Feb compared to forecast of 0.03% gain.
- DAX index has formed a minor top around 12605 and started to decline from that level. The index should close above 200- day MA at 12723 for further bullishness.
- The minor bullishness can be seen only if it closes above 12337 (20- day MA) and any close above will take the index to next level till 12500/12605. It should break above 12740 for further bullishness.
- On the lower side, near term major support is around 11800 and any close below will drag the index till 11400/11000.The minor support is around 12000.
It is good to sell on rallies around 12300-350 with SL around 12505 for the TP of 11975/11740.
