FxWirePro: DAX30 trades above 20 –day MA, good to buy on dips
DAX index was trading slightly positive yesterday and shown a 160 points jump and closed at 12345 0.79% higher. US markets was trading slightly bullish on account of higher oil prices. Overall boarder market was weak and…
DAX index was trading slightly positive yesterday and shown a 160 points jump and closed at 12345 0.79% higher. US markets was trading slightly bullish on account of higher oil prices. Overall boarder market was weak and market eyes US fed monetary policy meeting today for further direction. S&P500 futures is trading flat and is at 2726 0.10% higher. Asian stock indices was trading weak following footsteps of US markets.
DAX index has formed a minor top around 12605 and started to decline from that level. The index should close above 200- day MA at 12723 for further bullishness.
The minor bullishness can be seen only if it closes above 12326 (20- day MA) and any close above will take the index to next level till 12500/12605. 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 120100-150 with SL around 11975 for the TP of 12600/12715.
