Fxwirepro: Dax Forms Bullish Cypher Pattern, Good to Sell on Rallies

  • Pattern formed – Bullish Cypher
  • Potential Reversal Zone (PRZ) – 9250
  • The index has made a high of 9926 and declined till 9715 from that level.  It is currently trading around 9763.
  • Short term trend is still weak as long as resistance 9925. Break above 9925 confirms further bullishness, a jump till 10165/10400 is possible.
  • On the downside major support is around 9720 (200 day MA) and break below targets 9605/9540/9420.
  • Overall trend reversal only below 9250.
  • Major resistance is around 9820 and break above targets 9900/9925.

It is good to sell on rallies around 9800 with SL around 9925 for the TP of 9605/9525.

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