Dax Tries to Build on Support

Negative trading dominated the movements of the German DAX index yesterday within the expected bearish context during the previous analysis, explaining that with trading remaining below 15,570, we are targeting 15,420 first target, and then 15,360, so the index touches the first target, approaching the second target, to settle for its lowest price, 15,395.

On the technical side, we find the intraday moves for the index are stable above 13,380, as we find Stochastic trying to get rid of the negative signs.

We may witness a bullish tendency during today’s session, as long as the price stabilizes above 14,450 targeting 15,520. It should also be noted that confirming the breach of 15,520 is a catalyst that enhances chances of the index rising towards 15,600.

Trading below 15,380 and most importantly 15,350 nullifies the activation of the bullish scenario completely and puts the index price under negative pressure again to target 15,320 and then 15,260.

Note: The risk level is still high.

S1: 15380	R1: 15520
S2: 15320	R2: 15600
S3: 15245	R3: 15660