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