DAX has halted its minor bullishness and declined more than 200 points on global stock market sell-off and renewed trade war. Elections for 28 countries of European parliament held on Thursday and results shows that euro skeptic parties has not performed well as expected.The EPP and S&D has lost more than 70 seats and also majority. They should form coalition with business-related centrists. The index hits intraday low of 11858 and is currently trading around 11878.
On the lower side, any break below 11800 confirms major weakness. Any violation below 11800 will drag the index to next level 11609 (100- day MA)/11360/11276.
The near term resistance is around 12120 and any break above targets 12315/12454. The index should break above 12500 for further direction.
It is good to sell on rallies around 12000-050 with SL around 12300 for the TP of 11600/11360.
