Major trend line resistance- 12080-12141
DAX is consolidating in narrow range between 12040 and 11849 for past 7 trading days. The index jumped more than 17% in past 3-1/2 month on account of easing trade tension which increased risk appetite. US markets continues to trade higher especially S&P500 which 1% below all time high. It is currently trading around 12001.
The near term support is around 11800 (300- day EMA) and any violation below will take the index to next level till 11690 (200- day MA)/11554 (55- day EMA).
On the higher side, major resistance is around 12080-12141 and any violation above will take the index to next level till 12200/12500.
It is good to sell on rallies around 12080-100 with SL around 12210 for the TP of 11800/11715.
