DAX30 Faces Strong Resistance at 9860, Break Above Targets 9940/100084

DAX30 Faces Strong Resistance at 9860, Break Above Targets 9940/100084

1 July 2016, 10:43
Roberto Jacobs
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DAX30 Faces Strong Resistance at 9860, Break Above Targets 9940/100084

  • Major resistance – 9860 (21 day MA) 
  • The index has broken high 9718 (High made after Brexit) and jumped till 9795. It is currently trading around 9668. 
  • DAX30 should close above 9860 for further bullishness. Any break above 9860 will take the index till 9940 (90 day EMA)/10084 (200 day MA)/10300. 
  • On the lower side, minor support is around 9620 (4 H Tenkan-Sen)/9572/9510 (yesterday low). 
  • Short term weakness only below 9400 (61.8% retracement of 9161 and 9795).

It is good to buy above 9860 with SL around 9700 for TP of 10080/10300.

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