- DAX index recovered almost more than 250 points from the low of 11705 as trade tension eases. US markets gained sharply almost more than 2.5% largest percentage gain since 2015. The main reason for the recovery is that US and China have “quietly started negotiating”.US Treasury Secretary Steven Mnuchin is considering a trip for Beijing for talks. Dow and S&P500 closed at 24202 (2.84% higher)/2658 (2.72% higher). S&P500 futures is continuing its bullishness and is at 2669 0.39% higher. Asian stock indices recovered sharply following footsteps of US market.
- DAX index has broken major psychological support 11800 and any minor bullishness can be seen only above 12603 high made on Feb 26th 2018. The index should close above 200- day MA at 12707 for further bullishness.
- The minor bullishness can be seen only if it breaks 12000 and any close above will take the index to next level till 12256 (61.8% fibo)/12480. It should break above 12715 for further bullishness.
- On the lower side, near term major support is around 11800 and any close below will drag the index till 11400/11000.The minor support is around 12000.
It is good to buy on dips around 11900-925 with SL around 11700 for the TP of 12250/12400.
