German DAX Experiencing Significant Losses

The German DAX index continues to trade negatively after hitting the resistance level 15,700, unable to breach it so far, to retest the 15,550 level.

On the daily technical side, we tend to the negative with caution, relying on trading below the previously broken support-into-resistance 15,650, in addition to the negative pressure of the 50-day moving average.

From here, the bearish bias is the most preferred, targeting 15,500 first target, considering that breaking the mentioned level extends the index’s losses to 15,440.

The suggested scenario depends on the stability of daily trading below the resistance level 15,650, and its breach will invalidate the activation of the bearish scenario. Thus, we witness a temporary bullish bias that targets 15,750.

Note: The level of risk is high.

S1: 15500	R1: 15650
S2:  15440	R2: 15750
S3: 15340	R3: 15805