Major resistance- 10830 (Oct 25th 2016 high)
Major support – 10550 (50- day MA)
DAX30 is trading in narrow range between 10783 and 10603 for the past three trading session.It is currently trading around 10667.
Short term trend is slightly bearish as long as resistance 10830 holds.
Any violation below 10550 (50- day MA) will drag the index down till 10425 (100- day MA)/10140 (200- day MA)/9910 in the short term.
On the higher side, any break above 10830 will take the index to next level 11000/11327 (161.8% retracement of 10830 and 10025).
It is good to sell on rallies around 10720 with SL around 10850 for the TP of 10560/10430
Major support – 10550 (50- day MA)
DAX30 is trading in narrow range between 10783 and 10603 for the past three trading session.It is currently trading around 10667.
Short term trend is slightly bearish as long as resistance 10830 holds.
Any violation below 10550 (50- day MA) will drag the index down till 10425 (100- day MA)/10140 (200- day MA)/9910 in the short term.
On the higher side, any break above 10830 will take the index to next level 11000/11327 (161.8% retracement of 10830 and 10025).
It is good to sell on rallies around 10720 with SL around 10850 for the TP of 10560/10430