Dax Faces a Strong Sell-off

The German DAX index witnessed a negative trading session, witnessing significant losses, after it managed to break the support floor published last Friday at 15,860, to record its lowest level at the end of last week’s trading at 15,020.

Today, we tend to the negativity, given the negative pressure coming from the simple moving averages, which constitute an obstacle to the price and the stability of trading below the previously broken support floor 15,200.

Therefore, the bearish scenario will remain the most likely today, knowing that trading and price stability below the 15,000 level leads the index to complete the decline towards 14,890 and 14,670 next targets.

Trading again above 15,240 postpones the chances of a decline but does not cancel them, and we may witness a limited upward trend, targeting 14,455 before retracing.

Note: The level of risk is high

S1: 14890	R1: 14455
S2:  14670	R2: 14590
S3: 14335	R3: 16020