FxWirePro: DAX30 takes support near 23.6% fibo, good to sell on rallies
Major support – 10300 (38.2% retracement of 10806 and 8695). Major resistance – 10806 DAX30 has taken support near 23.6% retracement of 10806 and 8695 and slightly jumped from that level. It is currently trading around 1…
Major support – 10300 (38.2% retracement of 10806 and 8695).
Major resistance – 10806
DAX30 has taken support near 23.6% retracement of 10806 and 8695 and slightly jumped from that level. It is currently trading around 10492.
On the lower side, any break below 10300 will drag the index down till 10149 (100- day MA)/10028 (200- day MA).
The index major short-term resistance stands at 10565 (daily Kijun-Sen) and any violation above daily Kijun-Sen will take the DAX to next immediate resistance at 10608 (21- day MA)/ 10806 (Aug 15th 2016 high).
It is good to sell on rallies around 10490-10500 with SL around 10610 for the TP of 10050
