German Dax: Facing Negative Pressure 11/2/2022

Negative trading returned to dominate the movements of the German DAX index as the resistance level 15,600 managed to limit the gains, to consolidate around its lowest level during the morning trading session around 15,350.

Technically, the simple moving averages put pressure on the price, the stochastic losing the bullish momentum and the index’s stability below 15,540.

There may be a possibility of more declines to visit 15,290 initial price stations, and breaking it may open the way for the index to visit the strong support floor 15,190 as long as the price is stable below 15,545.

Note: the level of risk is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 15290	R1: 15545
S2: 15190	R2: 15710
S3: 15030	R3: 15810