FxWirePro: DAX30 faces strong support at 11800, major weakness can be seen below that level
DAX index shown a huge minor sell off yesterday and hits low of 11875 and closed at 12000 0.54% lower. US markets has shown a minor recovery from the low Dow (0.70% lower) and S&P500 (0.5% higher). S&P500 futures continu…
DAX index shown a huge minor sell off yesterday and hits low of 11875 and closed at 12000 0.54% lower. US markets has shown a minor recovery from the low Dow (0.70% lower) and S&P500 (0.5% higher). S&P500 futures continuing its weakness on account of Trump trade war and Italy hung parliament. It is trading at 2671.9 0.64% lower. Asian stock indices are trading lower on account of Trump’s tariff plan.
DAX index has broken previous low of 11905 made on Feb 9th 2018 and declined till 11875. The index has formed a minor bottom at 11905 and showing a minor jump from that level.
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.The minor support is around 12000.
It is good sell on rallies around 12200-250 with SL around 12500 for the TP of 11800/11420.
