FxWirePro: DAX30 downside capped by 5- day MA, good to buy on dips
Major support – 10540 (trend line joining 10093 and 10438). The index has slightly recovered after making a low of 10656 yesterday and is currently trading around 10719. In the daily the index is consolidating between 10…
Major support – 10540 (trend line joining 10093 and 10438).
The index has slightly recovered after making a low of 10656 yesterday and is currently trading around 10719.
In the daily the index is consolidating between 10753 and 10656 for the past two trading session.It should break above 10880 for further bullishness.
Any break below 10540 (trend line joining 10093 and 10438)and any violation below will drag the index down till 10365 (61.8% retracement of 10093 and 10806).Major weakness can be seen only below 10365 and break below targets 10200/10095 in the short term. The minor support is around 10650 (5-day MA).
On the higher side, any break above 10880 will take the index to next level till and it should close above 10806 for further up move.
It is good to buy on dips around 10630-650 with SL around 10810 for the TP of 10455/10365/10240.
