Dax continues to Score Goals

As expected, the German DAX index jumped to announce strong gains, touching the official station required during the previous analysis, at 16,240, recording its highest level at 16,260.

Technically, today, we are inclined to the positivity, relying on the stability of the index’s price above the support level of 16,160, accompanied by the continuation of the index obtaining a positive stimulus from the 50-day moving average carries the price from below.

Therefore, the bullish bias is the most preferred, knowing that the confirmation of the breach of 16,240 increases the strength of the daily bullish trend to target 16,290 and then 16,340, respectively.

Activating the suggested scenario depends on the index’s price being stable above 16,160, and breaking it would lead to a rally, and we witness a slight bearish slope that aims to retest 16,080.

Note: The risk level is still high.

S1: 16160	R1: 16290
S2:  16080	R2: 16340
S3: 16030	R3: 16420