Harmonic pattern- Bearish Bat
Potential Reversal Zone(PRZ)- 12594
DAX30 was trading higher for the past 2-week and jumped nearly 1000 points following footsteps of the global market. US markets especially S&P500 climbed more than 7.5% on US-China trade talk optimism. Global bond yield recovered sharply with the German 10- year bund yield more than 25%. the index hits 12440 and is currently trading around 12372.
On the flip side, near term support is around 12285 (10- 8H MA) and any violation below will drag the index till 12200/12110 (200- 8H MA). Any bearish continuation only below 12000.
The near term resistance is around 12450 and any break above that level will take the index till 12575-600/12800.
It is good to sell on rallies around 12365-70 with SL around 12500 for the TP of 12000.