This week DAX went up 65 points over last weeks close and went down 109 points and finally ended the week with a gain of 36 points compared to last weekly closing .
Dax had made a life time of 12841 in the month of May and has since then been moving in a narrow trading range .
Dax has immediate resistance near 12617 - 12728 and sustaining / closing above it we can see a move till 12870 - 12930 . Dax has immediate support near 12600 - 12500 and sustaining / closing below it we can see a move till 12260 - 12150
In the coming week Dax needs to break and sustain above 12709 to confirm uptrend and then one can expect a move till 12783 initially and breaking and sustaining above 12801 will give further confirmation of the next move which can take us till 12935. Similarly Bank Nifty spot needs to break and sustain below 12569 to confirm downtrend and then one can expect a move till 12495 initially and breaking and sustaining below 12476 will give further confirmation of the next move which can take us down till 12342
DOW Levels for the week are
Long above 12682 , Tgt 12709 - 12730 - 12752
IF Bank Nifty spot manages to get a close / sustain above 12783 then
long again for 12801 - 12865 - 12935
Short below 12595 , Tgt 12569 - 12547 - 12525
IF Bank Nifty spot manages to get a close / sustain below 12495 then
short again for 12476 - 12412 - 12342
P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.