FxWirePro: DAX30 upside capped by 233- day MA, good to sell on rallies
DAX index has closed slightly on the downside yesterday nearly 0.77% lower. But Dow and S&P rose slightly on Tuesday for the third consecutive days. Market waits US Consumer price data to be released today for further di…
DAX index has closed slightly on the downside yesterday nearly 0.77% lower. But Dow and S&P rose slightly on Tuesday for the third consecutive days. Market waits US Consumer price data to be released today for further direction.S&P500 futures is showing a minor jump from yesterday close around 0.12%. . It is trading around 2664 0.12% higher. Minor trend reversal happen if it breaks above 2725 level. Overall weakens can be seen only below 2530 level.
DAX index declined till 12181 and is currently trading around 12252. The world biggest hedge funds has taken short position against European equities valued more than $14 billion.
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.
It is good to sell on rallies around 12450-500 with SL around 12700 for the TP of 12000/11800.
