FxWirePro: DAX30 trading weak on global equity slump, good to sell on rallies
DAX index was trading lower yesterday and hits low of 12367 and closed near low 12367 0.51% lower. US markets declined for the second straight session with Dow (1.50% lower) and S&P500 (1.11% lower). Feb month was the wo…
DAX index was trading lower yesterday and hits low of 12367 and closed near low 12367 0.51% lower. US markets declined for the second straight session with Dow (1.50% lower) and S&P500 (1.11% lower). Feb month was the worst month by percentage decline since Jan 2016. S&P500 futures continuing its weakness and is trading at 2707 0.47% lower. Asian stock indices are trading lower on the footsteps of US markets.
DAX index declined almost 238 points from the high 12603. The index has formed a minor bottom at 11905 and showing a minor jump from that level.
The minor bullishness can be seen only if it closes above 12660 (233- day MA) and any close above will take the index to next level till 12890/13050 (100- day MA). It should break above 13600 for further bullishness.
On the lower side, near term major support is around 11800 and any break below will drag the index till 11400/11000.The minor support is around 12000.
It is good to buy on dips around 12350-400 with SL around 12200 for the TP of 13000.
