Major support- 11800
DAX30 is trading higher for past 1-week and jumped more than 500 points from low of 11606 following footsteps of Wall Street. It hits high of 12146 and is currently trading around 12140. The jump in European markets was mainly due to
- Easing trade tensions between US-Mexico.US President Trump said on Sunday that he has “fully confidence” that Mexico will crack down on migration from Central America.
- US Treasury Secretary said that Trump will decide whether to impose further tariff or not after meeting with President XI Jinping later in Jun.
On the lower side, any break below 11800 confirms major weakness. Any violation below 11800 will drag the index to next level 11615 (200-day MA)/11360/11276.
The near term resistance is around 12315 and any break above targets 12454/12600. The index should break above 12600 for further direction.
It is good to buy on dips around 11750-800 with SL around 11600 for the TP of 12320/12480.
