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DAX30 breaks major support at 9730,decline till 9440 is possible

FX:GER30   DAX index of German listed shares
249 0 8
Major support -9730 (May 6th low)

The index has broken major support 9730 and declined till 9658 at the time of writing. It is currently trading around 9681.

Short term trend is weak as long as resistance 10020 (90 day EMA) holds.

On the higher side minor resistance is around 9825 (hourly Tenkan-Sen) and any break above targets 9950 (hourly Kijun-Sen)/10020.

Short term bullishness only above 10300 ( trend line joining 10876 and 10487).

The DAX’S support is around 9650 (1.13% retracement of 9733 and 10374) and any violation below will drag the index to immediate support 9559/9441 (Apr 7th 2016 low).

It is good to sell on rallies around 9780-9800 with SL around 9950 for the TP of 9560/9445

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