DAX30 trades well below 200 WMA, targets 9000/8800

FX:GER30   DAX index of German listed shares
211 0 5
Major resistance – 9755 (Daily Tenkan-Sen)

The index has recovered till 9718 yesterday and declined from that level. It is currently trading around 9400.

The index upside has been capped by daily Kijun-Sen at 9767 and any further bullishness only above 9755. The bearishness from 10348 to 9161 will come to end only if the index closes well above 9767 level.

Any indicative break above 9767 will take the pair till 9896 ( 61.8% retracement of 10348 and 9161)/10000/10350.

The index should break above 10500 for overall trend reversal.

On the lower side major support is around 9400 and any violation below drag the pair down till 9120/8996/8800.

It is good to sell on rallies around 9420-9450 with SL around 9767 for the TP of 9000/8820.
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