FxWirePro: DAX30 to trade lower on weak US markets, good to sell on rallies
DAX index was trading slightly lower yesterday and hits low of 12425 and closed yesterday at 12431 1.22% lower. US markets was closed on the lower side with Dow (1.16% lower) and S&P500 (1.27% lower) after Powell’s remar…
DAX index was trading slightly lower yesterday and hits low of 12425 and closed yesterday at 12431 1.22% lower. US markets was closed on the lower side with Dow (1.16% lower) and S&P500 (1.27% lower) after Powell’s remarks. S&P500 futures continuing its weakness and is trading at 2739 0.27% lower. Asian stock indices are trading higher on the footsteps of US markets.
DAX index declined after hitting high of 120603 and close slightly below 20 –day MA at 12431.
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 to buy on dips around 12350-400 with SL around 12200 for the TP of 13000.
