German Dax Hits Resistance

The German DAX index continues to incur losses after hitting a strong resistance level at 15,223, which forced it to move negatively and stable around the lowest level of 15,115.

On the technical side, we tend to the negativity, relying on the stability of trading below the mentioned resistance level and the clear negative signs on the RSI, accompanied by the negative pressure of the 50-day moving average.

Breaking 15,050 increases the strength of the bearish trend, paving the way for achieving more losses towards 14,980 first target and then 14,900.

Trading again and stabilizing the price above 15,200, and most importantly 15,240, invalidates the bearish scenario, and we may witness a temporary bullish slope, intending to retest 15,290 initially. Note: the level of risk is high.

S1: 15050	R1: 15200
S2:  14980	R2: 15290
S3: 14900	R3: 15350