• 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.