FxWirePro: Dax Faces Strong Resistance 10200, Good to Sell on Rallies
18 May 2016, 10:33
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FxWirePro: Dax Faces Strong Resistance 10200, Good to Sell on Rallies
- Major resistance- 10200 (200 day MA)
- Major support -9750
- DAX has made a high of 10110 (May 10th 2016) and declining from that level. It is currently trading around 9816.
- Short term trend is low as long as resistance 10200 holds. Any short term bullishness can be seen only above 10200.
- Any violation above 10200 will take the index till 10400/10500.
- On the lower side 9750 is acting as major support and trading below that level will take the index till 9566/9440 (Apr 2016 low).
It is good to sell on rallies around 9950-10000 with SL around 10200 for the TP of 9566/9440
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