FxWirePro: DAX30 faces strong support at 21- day MA, good to buy on dips
Major Resistance- 10750 (trend line joining 11926 and 11432). Major support – 10550 (21 day MA). The index has once again taken support near 21 day MA and slightly jumped from that level. It is currently trading around 1…
Major Resistance- 10750 (trend line joining 11926 and 11432).
Major support – 10550 (21 day MA).
The index has once again taken support near 21 day MA and slightly jumped from that level. It is currently trading around 10663.
Minor term trend is slightly bullish as long as support 10475 (trend line joining 10386 and 10438) holds.
On the lower side, any violation below 21-day MA will drag the index further down till 10475.Any break below trend line support drags the index further down till 10315 (9-W EMA).
Any break above 10750 will take the index till 11000/11432 (Nov 2015 high).
It is good to buy on dips around 10580-600 with SL around 10475 for the TP of 10750/11000
