FxWirePro: DAX Faces Resistance at 21 Day MA, Good to Sell on Rallies
11 May 2016, 12:22
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FxWirePro: DAX Faces Resistance at 21 Day MA, Good to Sell on Rallies
- Major resistance- 10125 (21 day MA)
- Major support – 9950 (55 day EMA)
- DAX has made a high of 10110 yesterday and declined till 9970 at the time of writing. It is currently trading around 9985.
- Minor trend is weak as long as resistance 10125 holds. Any break above 10125 will take the index till 10205 (200 day MA)/10400/10500.
- Overall trend reversal only above 10500.
- On the lower side DAX is facing support at 9950 and any break below targets 9820/9733/9650
It is good to sell on rallies around 10000 with SL around 10130 for the TP of 9825/9735
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