FxWirePro: DAX30 faces strong support at 11800, good to buy on dips
DAX index hits low of 11905 and shown a minor jump from that level. The index is expected to show a good recovery as S&P500 and Dow Jones formed a minor bottom and shown a good recovery. Dow and S&P futures continuing it…
DAX index hits low of 11905 and shown a minor jump from that level. The index is expected to show a good recovery as S&P500 and Dow Jones formed a minor bottom and shown a good recovery. Dow and S&P futures continuing its uptrend and is trading 0.5% up. Short term trend is slightly bullish and a jump once again till 2700 is possible. Overall weakens can be seen only below 2530 level.
DAX index recovered almost 400 points 3.21% from low of 11905 and has closed around 12215.
The minor bullishness can be seen only if it closes above 12660 (233- day MA) and any close above will take the index to next level till 12890/13050 (100- day MA). It should break above 13600 for further bullishness.
On the lower side, near term major support is around 11800 and any break below will drag the index till 11400/11000.
In the daily chart momentum indicator shows oversold zone and a minor jump is possible.
It is good to buy on dips around 12100-150 with SL around 11800 for the TP of 12640.
