DAX has halted its 2-1/2 month uptrend and trading lower for past 5 trading days on account global stock market turmoil and declining bond yield. US 10 year yield hits 2.37% lowest level since Dec 2017.The index formed temporary top around 11827 and declined more than 500 points.It hits low of 11276 yesterday and is currently trading around 11330.
The index has closed below trend line support at 11440 for past two days and this confirms major weakness and a decline till 11210/11000.It should break below 10800 for further weakness.
The near term resistance is around 11415 and any violation above will take the index to next level till 11495/11560/11680. Bullish continuation only above 11835.
It is good to sell on rallies around 11390-400 with SL around 11560 for the TP of 11000.
