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German DAX 30 Short-Term Rally Towards 13000 is Possible

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German DAX 30 index is ready for a good rally as it is near to its short-term resistance after a correction. If that minor resistance is taken out then the index may rally fast towards the level of 13000.

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German DAX 30 Weekly:

Last week the index formed a confusing Doji candle Due to Some Political uncertainty. But now markets are cheering the victory of Angela Merkel for Fourth term, as German Chancellor Angela Merkel.

After the news German DAX 30 rallying from the start of this week. German DAX 30 opened the week at 12572 and immediately went to the weeks low of 12553 and then the index starts to move higher. Importantly breaks the High of the Last weeks Doji candle Violating the bearish setup.

German Dax 30 Support and Resistance:

For Short term 12267 is the strong support for the index. If It breaks the support some shot of profit booking will happen. 12700 is the minor resistance for the index if the German DAX 30 index breaks out comfortably then fresh rally towards 13000 is possible with no time. RSI also supporting the bulls.

 

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