FxWirePro: DAX30 weakness to persist on weak US markets, good to sell on rallies
DAX index was consolidating after hitting high of 12535 and closed yesterday at 12394 0.30% lower. US markets was closed lower yesterday more than 0.5% after US Fed minutes meeting. US Fed FOMC meeting shows that central…
DAX index was consolidating after hitting high of 12535 and closed yesterday at 12394 0.30% lower. US markets was closed lower yesterday more than 0.5% after US Fed minutes meeting. US Fed FOMC meeting shows that central banks was positive on the economy and chances of hiking rates more than three are high. S&P500 futures continuing its yesterday weakness and is trading at 2686 0.44% lower. It is trading around 2686. Asian stock indices are trading lower especially Nikkei is trading more than 1% weak on account of slight strength in JPY.
DAX index jumped almost 300 points in the previous week and has closed yesterday at 12391.
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 12200-250 with SL around 12000 for the TP of 12660/13000.
