- DAX index shown good decline yesterday and closed slightly lower at 12159 1.98% lower. US markets has shown a minor weakness as Tillerson exit adds to protectionism fears.S&P500 futures is continuing its yesterday weakness and is trading at 2763 0.18% lower and traders eyes US PPI data and retail sales to be released today for further direction. Asian stock indices is trading phase due to flat US markets.
- US Secretary of State Rex Tillerson is fired by President Donald Trump and it has increased fears of global trade war. US headline CPI came at 2.2% yoy in Feb up from 2.1% and core CPI came at 1.8% yoy in line with expectations.
- 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 12320 (10- day MA) and any close above will take the index to next level till 12500/12605. It should break above 12740 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 sell on rallies around 12300-350 with SL around 12505 for the TP of 11975/11740.
