FxWirePro: DAX30 breaks 161.8% fibo level, good to buy on dips
Major Resistance- 11327 (161.8% retracement of 10830 and 10025) Major support – 10485 (trend line joining 9302 and 10200) The index jumped slightly above 11327 today European session after Fed hiked interest rates by 25b…
Major Resistance- 11327 (161.8% retracement of 10830 and 10025)
Major support – 10485 (trend line joining 9302 and 10200)
The index jumped slightly above 11327 today European session after Fed hiked interest rates by 25bpbs. It jumped till 11337 and slightly declined from that level. It is currently trading around 11300.
On the lower side, minor support is around 11130 (7- day MA) and any break below 11130 will drag the index down till 10960 (10- day MA)/10860 (daily Tenken-Sen)/10670 (daily Kijun-Sen).
The major resistance is around 11337 and any violation above targets 11435/11579/11882 (May 20th high).
Short term weakness only below 10000.
It is good to buy on dips around 11250 with SL around 11000 for the TP of 11580/11880.
