German Dax Repeat Rising Chances

The German DAX index returned some noticeable gains, canceling the expected bearish scenario during the previous report, recording its highest level at 16,144.

Technically, today we tend to be cautiously optimistic, relying on the price moving above the 50-day moving average, coinciding with the attempts of stochastic to obtain more bullish momentum.

Therefore, the bullish bias is the most preferred in the coming hours, knowing that the confirmation of the breach of 16,160 extends the index’s gains so that we will be waiting for 16,195, and gains may extend later towards 16,240. Note: The bullish bias requires daily trading to remain above 16,070.

Note: The risk level is still high.

S1: 16070	R1: 16160
S2:  16030	R2: 16195
S3: 15990	R3: 16240