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Major resistance -11850
DAX is consolidating in a narrow range for the past 10 trading days between 11250 and 11849. The overall sentiment of the market is weak due to ongoing trade war issues. The economy of Germany also showing a slowdown as IFO data released yesterday came at 94.3 in Aug vs forecast of 95.10. it hits low of 11608 and currently trading around 11626.
The German 10-year yield declined by 8.5 bps and spread between the US 10- year a German bund narrowed to 219 bps from 247 bps.
On the flip side, the near term major support is around 11400 and any violation below will drag the index till 11250. Any major bearishness only below 11250 and break below targets 11000/10860.
The major resistance is around 11850 and any convincing break above will take the DAX till 12000/12250.
It is good to sell on rallies around 11700-725 with SL around 11850 for the TP of 11250.
