FxWirePro: DAX30 consolidates in narrow range, good to sell on rallies
DAX30 is consolidating in narrow range between 12615 and 12956 for the past seven trading session. It is currently trading around 12721. On the lower side, major support is around 12670 (trend line joining 12493 and 1261…
DAX30 is consolidating in narrow range between 12615 and 12956 for the past seven trading session. It is currently trading around 12721.
On the lower side, major support is around 12670 (trend line joining 12493 and 12615) and any close below will drag the index down till 12493/12270 (100- MA)/11595 (200 – MA).
The temporary top formed on Jun 21st 2017 12956 will be acting as major resistance and further bullish continuation can be seen only above that level.Any break above 12956 will take the DAX till 13040 (161.8% retracement of 12833 and 12493)/13116 (161.8% retracement of 12923 and 12615).
In the daily chart, the index has formed bearish divergence RSI and minor correction till 12493/12270 is likely.
It is good to sell on rallies around 12750-780 with SL around 13000 for the TP of 12495/12280
