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