German Dax Continues to Decline

The German DAX index declined significantly within the expected bearish path, surpassing the bearish target mentioned in the previous report at 12610 posting a low at 12520.

Technically, we are biased towards the negativity, given that the index broke support-into-resistance 12720/12710 with the negative pressure of the simple moving averages.

The bearish scenario will remain intact, targeting 12425 as a first target, followed by 12330. The bearish scenario depends on the price remaining below 12720 and returning to trade above the aforementioned level delays the chances of a reversal, and we may witness a re-test of 12820 and 12860, respectively.

Warning: the level of risk may be high

S1: 12425	R1: 12710
S2: 12330	R2: 12895
S3: 12150	R3: 12995