FxWirePro: DAX30 breaks trend line resistance at 11640,jump till 11892 likely
Major intraday trend line resistance- 11640 (trend line joining 11722 and 11699). Major support – 11425 (Jan 17th low). DAX30 has broken major intraday resistance at 11640 and jumped till 11720 at the time of writing. It…
Major intraday trend line resistance- 11640 (trend line joining 11722 and 11699).
Major support – 11425 (Jan 17th low).
DAX30 has broken major intraday resistance at 11640 and jumped till 11720 at the time of writing. It is currently trading around 11690.
Short term trend is slightly bullish as long as support 11425 holds. Any violation below that level will drag the index down till 11173 (38.2% retracement of 10025 and 11892)/10959 in the short term.
On the higher side 11727 61.8% fibo will be acting as minor resistance and any break above that level will take the index till 1189 (Jan26th high)/12155 (161.8% retracement of 11892 and 11463).
It is good to buy on dips around 11600 with SL at 11400 for the TP of 11892/12150
