FxWirePro: DAX Faces Strong Resistance 1000, Good to Sell on Rallies

FxWirePro: DAX Faces Strong Resistance 1000, Good to Sell on Rallies

19 May 2016, 11:31
Roberto Jacobs
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FxWirePro: DAX Faces Strong Resistance 1000, Good to Sell on Rallies

  • Major resistance- 9975 (55 day EMA) 
  • Major support -9750 
  • DAX has made a high of 9963 and started to decline from that level. It is currently trading around 9845. 
  • Short term trend is weak as long as resistance 9975 holds. Any short term bullishness can be seen only above 9975. 
  • Any violation above 9975 will take the index till 10200/10500. 
  • 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 9900 with SL around 10000 for the TP of 9750/9660/9566

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