German Dax Needs Extra Momentum

The German DAX index recorded its highest level at 15,920, near the pivotal resistance level published in the previous analysis, at 15,930, which we indicated is an essential and fundamental condition for achieving more gains.

On the technical side today, we tend in our trading to the positive, but cautiously, relying on the stability of the intraday trading above the support level of 15,850 and in general above 18,510, in addition to the attempts of the stochastic indicator to obtain more additional momentum.

Therefore, the bullish bias is the most preferred today, provided that the breach of 15,930 is confirmed, targeting 15,960 and 16,000, respectively. The breach of 16,000 increases the strength of the bullish bias, opening the way towards 16,065.

Breaking 15,810 negates the bullish bias and puts the index’s price under negative pressure, targeting 15,765. 

Note: The level of risk may be high.

S1: 15850	R1: 15925
S2:  15810	R2: 16000
S3: 15765	R3: 16065