2016.05.2403:42:00UTC+00Fxwirepro: Dax Faces Strong Resistance 10120, Good to Sell on Rallies

• Major resistance- 10120 (200 day MA)
   
• Major support -9750
   
• DAX has made a high of 9974 and started to decline from that level. It is currently trading around 9815.
   
• Short term trend is weak as long as resistance 10120 holds. Any short term bullishness can be seen only above 10120.
   
• Any violation above 10120 will take the index till 10200/10500.The minor resistance is around 9915.
   
• On the lower side 9750 is acting as major support and trading below that level will take the index till 9566/9440 (Apr 2016 low).

It is good to sell on rallies around 9900 with SL around 10000 for the TP of 9750/9660/9566