FxWirePro: DAX30 takes support near 23.6% fibo, good to sell on rallies

14 September 2016, 01:40
Eko Rediantoro
0
8
  • Major support – 10300 (38.2% retracement of 10806 and 8695).
     
  • Major resistance – 10806
     
  • DAX30 has taken support near 23.6% retracement of 10806 and 8695 and slightly jumped from that level. It is currently trading around 10492.
     
  • On the lower side, any break below 10300 will drag the index down till 10149 (100- day MA)/10028 (200- day MA).
     
  • The index major short-term resistance stands at 10565 (daily Kijun-Sen) and any violation above daily Kijun-Sen will take the DAX to next immediate resistance at 10608 (21- day MA)/ 10806 (Aug 15th 2016 high).

 It is good to sell on rallies around 10490-10500 with SL around 10610 for the TP of 10050

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