FxWirePro: DAX30 trades higher on positive global cues, good to buy on dips
DAX index inched higher after a forming a minor bottom around 11703. The index recovered sharply on Mar 29th 2018 and jumped almost 1.49%. US indices S&P 500 and Dow jones has taken support near 200- day MA and shown a g…
DAX index inched higher after a forming a minor bottom around 11703. The index recovered sharply on Mar 29th 2018 and jumped almost 1.49%. US indices S&P 500 and Dow jones has taken support near 200- day MA and shown a good jump. S&P500 futures is trading flat after a more than 1% jump on Thursday and is trading around 2639 0.07% higher. Asian stock indices trading higher mainly Chinese market despite tariffs against U.S.
DAX index jumped more than 4.5% form the temporary low and any major weakness can be seen below 11705 low made on Mar 26th 2018.
The minor bullishness can be seen only if it breaks 12165 (20- day MA) and any close above will take the index to next level till 12256 (61.8% fibo)/12480/12605. 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 12000-50 with SL around 11800 for the TP of 12250/12480.
