• Dax: shooting star and 200-day ma

    Source: FxWire Pro - Technicals / 29 May 2020 04:51:36   America/New_York

    Candlestick pattern- Shooting star

     

    Ichimoku Analysis (Daily Chart)

     

    Tenken-Sen- 11182

     

    Kijun-Sen- 11000

     

    DAX 30 has halted its 10-days of a winning streak and started to decline from high 11837. The renewed US-China trade tension is putting pressure on global stock markets. Markets eye today's Trump speech onus-China deal for further direction. The index hits an intraday low of 11576 and is currently trading around 11610.

     

    On the higher side, immediate resistance is around 11837 and any indicative break above will take the index till 12095 (200-day MA). Any daily close confirms bullish continuation, a jump till 12280/12400 likely.

     

    The near-term support is at 11550 (100-day MA) and any violation below targets 11425/11300/11000. Major sell-off only if it breaks 10800.

     

    It is good to sell on rallies around 11680-700 with SL around 12000 for the TP of 11000/10860.  

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