Dax Begins to Pressure on Support

Negative trading dominated the German DAX index, nullifying the positive outlook, as we expected, in which we relied on the stability of the index price above the pivotal support level 15,200 explaining that breaking the aforementioned level will stop the bullish trend and lead the price to visit 15,160 and then 15,090 to record its lowest level 15,090, offsetting position losses the purchase.

On the technical side today, and with a closer look at the 60-minute chart, we find the RSI tends to be negative, stable below the 50 midlines, and we find the 50-day moving average pressuring the price from the top.

Consequently, we may witness a bearish bias targeting 15,085, knowing that breaking the aforementioned level will extend the index’s losses so that the path is open directly towards 14,960.

From the top, the return of stability above 15,340 will immediately stop the bearish boredom and lead the indicator to the official bullish path, with the first target 15,470, and then 15,550.

Note: The risk level is still high.

S1: 15085	R1: 15340
S2: 14960	R2: 15470
S3: 14830	R3: 15590