DAX: Sell on rallies
Major support – 11840
The index has formed a minor bottom at 11867 and jumped slightly from that level. DAX jumped till 12292 and is currently trading around 12151.
On the higher side, minor jump can be seen if it breaks above 12220 (trend line joining 12956 and 12673) and any break above will take the index till 12325 (38.2% retracement of 12956 and 11867)/12574 (Jul 20th 2017 high).
The index bearish continuation can be seen only below 11840.Any break below will drag the DAX down till 11420.
It is good to sell on rallies around 12220-12250 with SL around 12420 for the TP of 11935/11420.
The index has formed a minor bottom at 11867 and jumped slightly from that level. DAX jumped till 12292 and is currently trading around 12151.
On the higher side, minor jump can be seen if it breaks above 12220 (trend line joining 12956 and 12673) and any break above will take the index till 12325 (38.2% retracement of 12956 and 11867)/12574 (Jul 20th 2017 high).
The index bearish continuation can be seen only below 11840.Any break below will drag the DAX down till 11420.
It is good to sell on rallies around 12220-12250 with SL around 12420 for the TP of 11935/11420.
