• FxWirePro: dax30 trades weak on weak US markets, good to buy on dips

    Source: FxWire Pro - Technicals / 20 Mar 2018 02:23:54   Eastern Standard Time

    • DAX index was trading weak yesterday and declined almost more than 200 points yesterday and closed at 12248 1.2% lower. US markets was trading extremely weak yesterday with NASDAQ declined more than 1.5% worst fall in 6 weeks. The main reason for the fall is decline in Facebook almost 5% on fears of stiffer regulation.  Overall boarder market was weak and market eyes US fed monetary policy meeting on Wednesday. S&P500 futures is trading slightly higher and is at 2727 0.15% higher. Asian stock indices was trading weak following footsteps of US markets.
       
    • DAX index has formed a minor top around 12605 and started to decline from that level. The index should close above 200- day MA at 12723 for further bullishness.         
                   
    • The minor bullishness can be seen only if it closes above 12326 (20- day MA) and any close above will take the index to next level till 12500/12605. It should break above 12715 for further bullishness.
       
    • On the lower side, near term major support is around 11800 and any close below will drag the index till 11400/11000.The minor support is around 12000.

    It is good to buy on dips around 120100-150 with SL around 11975 for the TP of 12600/12715.