German DAX Based on Support

The German DAX index was able to trade positively within the expected bullish range, touching our awaited target at 13,950, to hit a high of 13,942.

Technically, with trading remaining above the support level 13,770, accompanied by the index getting a positive motive from the 50-day simple moving average.

Consequently, the bullish scenario remains valid and effective, targeting 13,920 first targets, and then 14,000 next stations, bearing in mind that the breach of the latter is a catalyst that extends the index’s gains to target 14,070.

Activating the bullish scenario depends on trading remaining above 13,770, and breaking it will stop the bullish attempts, and we will witness a decline targeting 13,620.

Note: The risk level is high and all scenarios are on the table.

Note: The speech of US President-elect “Joe Biden” is due today and that may have a significant impact on the market movement.

S1: 13770	R1: 13920
S2: 13705	R2: 14000
S3: 13620	R3: 14070