DAX index declined once again after showing a minor pullback. The decline was mainly due to huge sell off in technology stocks in U.S. NASDAQ dropped almost 3% as shares of Apple and Amazon declined. US markets pared its…
DAX index declined once again after showing a minor pullback. The decline was mainly due to huge sell off in technology stocks in U.S. NASDAQ dropped almost 3% as shares of Apple and Amazon declined. US markets pared its gains made on Monday. Dow and S&P500 closed at 23857 (1.43% lower)/2612 (1.73% lower). S&P500 futures is trading flat after a minor decline yesterday is at 2601 0.33% lower. Asian stock indices trading weak following footsteps of US market.
DAX index hits low of 11805 and shown a minor jump and any major weakness can be seen below 11705 low made on Mar 26th 2018.
The minor bullishness can be seen only if it breaks 12000 and any close above will take the index to next level till 12256 (61.8% fibo)/12480. It should break above 12715 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 buy on dips around 11900-925 with SL around 11700 for the TP of 12250/12400.
