German Dax Breaks Support 12/4/2022

Negative trading dominated the movements of the German DAX index yesterday; we adhered to intraday neutrality, awaiting the activation of the pending orders, noting that trading below 14,180 pressures the index price to visit 14,110, recording its lowest level of 14,075.

On the technical side, the bearish trend is still the most likely today, with stability trading and pivoting below 14,180, and most notably below the previously broken support of 14,250, in addition to the negative pressure of the simple moving averages.

Therefore, we may witness a negative trading session with its target of 13,995. The decline below the mentioned level is a negative pressure factor that extends the index’s losses to visit 13,920 next station as long as the price is stable below 14,250.

Rising above 14,250 leads the index to cut losses with an initial target located around 14,400.

Note: The risk level is high.

Note: CFD trading involves high risk; all scenarios may occur.

S1: 13995	R1: 14245
S2: 13920	R2: 14405
S3: 13755	R3: 14490