Dax Consolidates Gains

Positive trading dominated the movements of the German DAX index, touching the first target to be achieved during the last analysis at 13310, recording its highest level of 13327.

On the technical side, we will maintain our positive outlook, relying on trading stability above the previously breached resistance level converted to 13220 support, in addition to the positive motive for the 50-day moving average.

We are targeting 13365/13370 as a first target, knowing that confirming the breach of 13380 extends the index’s gains to be the next leg of 13420.

Activating the suggested scenario depends on trading remaining above 13220, and breaking it negates the bullish scenario then will be waiting for temporary bearish trend targeting 13120.

Note: The risk level may be high today.

S1: 13220	R1: 13365
S2: 13120	R2: 13420
S3: 13075	R3: 13510