German DAX Gives up Gains

The German DAX index declined to record strong losses, recording its lowest levels at 13,586. On the technical side, with the index’s failure to maintain trading above the support level of 13,800, which is now converted into a resistance level, this comes in conjunction with the negative pressure of the simple moving averages.

Therefore, we are targeting 13,550 first goals, and then 13,400 respectively. Trading again above 13,920 is able to negate the suggested scenario, and the index will recover again with an initial target around 14,110.

Warning: The level of risk may be high today.

S1: 13550	R1: 13920
S2: 13390	R2: 14110
S3: 13195	R3: 14270