Pattern formed- Descending triangle pattern
Major support – 11935
The index is showing a minor jump after forming a bottom at 11936 on Aug 11th 2017. DAX jumped till 12292 and is currently trading around 12151.
On the higher side, minor jump can be seen if it breaks above 12310 (trend line joining 12956 and 12673) and any break above will take the index till 12420 (200- 4H MA)/12574 (61.8% retracement of 12956 and 11935).
The index has formed descending triangle pattern and major support is around 11935 and any break below will drag the index down till 11719/11400.
It is good to sell on rallies around 12270-12300 with SL around 12420 for the TP of 11935/11420.
Major support – 11935
The index is showing a minor jump after forming a bottom at 11936 on Aug 11th 2017. DAX jumped till 12292 and is currently trading around 12151.
On the higher side, minor jump can be seen if it breaks above 12310 (trend line joining 12956 and 12673) and any break above will take the index till 12420 (200- 4H MA)/12574 (61.8% retracement of 12956 and 11935).
The index has formed descending triangle pattern and major support is around 11935 and any break below will drag the index down till 11719/11400.
It is good to sell on rallies around 12270-12300 with SL around 12420 for the TP of 11935/11420.
