German Dax started in positive note for the day and showed a good recovery of almost 150 points on account better then expected German factory orders. German factory order data released today came better than expected. T…
German Dax started in positive note for the day and showed a good recovery of almost 150 points on account better then expected German factory orders. German factory order data released today came better than expected. The factory order surged 2.6% gain was more than twice as strong compared to forecast of 1.1%.
The index has broken minor trend line resistance 12365 and is currently trading around 12488.
On the higher side, the index is trading slightly above 12440 (55- 4 H EMA) and a slight jump till 12640 (50% fib)/12735 (200- 4H MA).
The near term support is around 12290 (20- 4H MA) and any break below will drag the index down till 12000/11700. Short term bullish invalidationonly below 11700.
It is good to buy on dips around 12300-350 with SL around 12100 for the TP of 12640/12750.
