German Dax: Building on Support 8/2/2022

The German DAX index managed to touch the first price stop published during the last analysis, at 15,240, recording its highest level of 15,254.

Technically, the index was able to establish a good support floor near 15,090, and as we notice the clear positive signs on stochastic, supporting the idea of rising to visit 15,270, taking into consideration that rising above 15,270 is a motivating factor that may contribute to strengthening the index’s gains towards 15,350.

Activating the suggested scenario requires daily trading to remain above 15,085, and a decline below this level puts the price under negative pressure towards 14,985 initially.

Note: the level of risk is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 15085	R1: 15270
S2: 14985	R2: 15350
S3: 14900	R3: 15450