Dax Touches Our Rising Goals

The German DAX index achieved our first bullish target published during the previous technical report at 16,290, recording its highest level at 16,286.

On the technical side, the intraday movements of the index settled above 16,200, accompanied by clear positive signs on the RSI, in addition to the 50-day moving average holding the price from below.

Therefore, the bullish bias is the most preferred today, knowing that the breach of 16,290 extends the index’s gains and opens the door for 163,35, and may extend later to visit 16,385.

The suggested bullish scenario requires stability of daily trading above 16,200 and, most importantly 16,180, knowing that trading below the latter cancels the suggested bullish scenario and puts the index price under intense negative pressure a target of 16,090.

Note: The risk level is still high.

S1: 16180	R1: 16290
S2:  16140	R2: 16335
S3: 16090	R3: 16385