Dax Tries to Hold on Above Support

The German DAX index found a strong resistance level around the official target published during the last analysis at 15,310, which forced it to retest the pivotal support level of 15,200.

On the technical side, and despite the bearish bias, we find the index is still stable above 15,200 and most importantly 15,170, accompanied by the RSI’s attempts to obtain bullish momentum, in addition to stochastic attempts to get rid of the current negativity.

Therefore, we tend to be positive, but cautiously targeting 15,280 and then 15,365. Confirmation of breaking 15,160/15,150 negates the bullish scenario completely and forces the index to enter a downside wave whose initial target is around 15,085 and losses may extend later to visit 15,010.

Note: The level of risk is high.

S1: 15150	R1: 15285
S2: 15085	R2: 15365
S3: 15010	R3: 15415