German DAX extends its gains 31/5/2022

Positive movements dominated the movements of the German DAX index, recording its highest level around the psychological barrier of 14,600, building on the 14,470 level.

Technically, we tend to the positivity in our trading, relying on the positive stimulus coming from the 50-day simple moving average and the clear positive signs on the RSI and its stability above the mid-line 50.

We need to witness a consolidation in the index’s price to enhance the chances of a rise towards the 14,660 first target, and gains may extend later towards 14,710 unless we witness any trading below 14,470.

The return of trading stability below 14,470 leads the index to trade in the negative areas, targeting 14,420 initially.

Note: the level of risk may be high.

S1: 14520	R1: 14615
S2: 14470	R2: 14660
S3: 14410	R3: 14715