DAX30: Sell on rallies

FX:GER30   DAX index of German listed shares
224 0 5
Major resistance – 9807 (90 4H EMA)

The index has made a temporary top around 9812 and started to decline from that level. It is currently trading around 9633.

The index declined well below 4H Tenken-Sen (9734) and is currently trading around 9629.

DAX30             should close above 9815 for further bullishness. Any break above 9815 will take the index till 9970 (200 4H MA)/10084 (200 day MA)/10300.

On the lower side, minor support is around 9636 (21 4 HMA ) and break below would bring stronger correction till 9512 (4 H Kijun-Sen)/9410 ( 61.8% retracement of 9161 and 9812)/9215 (Jun 27th low) .

In 4hours chart the index has formed bearish divergence. So slight dip till 9400 is possible.

It is good to sell on rallies around 9680-9700 with SL around 9815 for the TP of 9515/9400

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