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German DAX Based on Support

Adel 28 January, 2021 12:22 pm Daily Technical Analysis, Technical Analysis

The German DAX index suffered heavy losses during the previous session, after confirming the breach of the strong support level at 13,800.

On the technical side, the negative pressure coming from the 50-day moving average is accompanied by the stability of the RSI indicator below the middle line.

This increases the probability of continuing the decline, targeting 13,370 the first target, knowing that confirming the breach of the aforementioned level leads the price to visit 13,220. Activating the suggested scenario requires stability below 13,780.

Note: the risks are high today.

S1: 13370R1: 13780    
S2: 13215    R2: 14025   
S3: 12970   R3: 14180   

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