DAX30 trades weak on global sell-off, good to sell on rallies
DAX index has followed the global equity market trend and declined sharply almost 2% on Friday. US stock indices Dow and S&P 500 suffered huge decline in the previous week, most since 2 years.
The weakness is continuing in US market and Dow futures lost almost 200 points in the Asian session. Germany index is expected to continue its down trend. The near term major support is around 12680-650 (trend line support and 233- day MA) and any violation below will drag the index till 12300/11840 (Feb 22nd 2017 low).
The minor bullishness can be seen only if it closes above 13170 (50- day MA) and any close above will take the index to next level till 13300/13600. It should break above 13600 for further bullishness.
It is good to sell on rallies around 12750-800 with SL around 13200 for the TP of 11860.
The weakness is continuing in US market and Dow futures lost almost 200 points in the Asian session. Germany index is expected to continue its down trend. The near term major support is around 12680-650 (trend line support and 233- day MA) and any violation below will drag the index till 12300/11840 (Feb 22nd 2017 low).
The minor bullishness can be seen only if it closes above 13170 (50- day MA) and any close above will take the index to next level till 13300/13600. It should break above 13600 for further bullishness.
It is good to sell on rallies around 12750-800 with SL around 13200 for the TP of 11860.