FxWirePro: DAX30 Faces Strong Resistance at 10500, Good to Sell on Rallies
8 June 2016, 12:25
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FxWirePro: DAX30 Faces Strong Resistance at 10500, Good to Sell on Rallies
- Major resistance – 10450-10500 (161.8% retracement of 10285 and 10038 and Apr 21st high)
- Major support – 10000 (90 day EMA)
- DAX has jumped till 10317 yesterday after making a low of 10038 on 3rd Jun 2016.The index is currently trading around 10238.
- Short term trend is still weak as long as resistance 10500. The index should close above 10500 for further up move .Any violation above 10500 will take the index till 10710.
- On the lower 90 day EMA is acting as major support and any break below targets 9825/9755 in the short term.
It is good to sell on rallies around 10400 with SL around 10505 for the TP of 10020/9830
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