FxWirePro: DAX30 trades higher as trade war fear eases, good to buy on dips
DAX index shown a good recovery yesterday after hitting low of 11730 and closed well above 12000 1.42% higher. US markets has shown a minor recovery from the low Dow (1.37% higher) and S&P500 (1.10% higher) on easing US …
DAX index shown a good recovery yesterday after hitting low of 11730 and closed well above 12000 1.42% higher. US markets has shown a minor recovery from the low Dow (1.37% higher) and S&P500 (1.10% higher) on easing US trade war. S&P500 futures is trading flat after hitting high of 2727 .It is trading at 2717.9 0.03% lower. Asian stock indices are trading higher on the footsteps of US markets.
DAX index has broken previous low of 11905 made on Feb 9th 2018 and declined till 11730. The index recovered almost 500 points from the low of 11730.
The minor bullishness can be seen only if it closes above 12289 (5- day MA) and any close above will take the index to next level till 12363/12500. It should break above 12660 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 12000-050 with SL around 11730 for the TP of 12420/12660.
