German Dax Presses Support

The German DAX index managed to achieve good gains during the first trading sessions of this week, recording its highest level around the strong resistance level 16060.

On the technical side, we are inclined in our trading to the negative, relying on the stability of the intraday trading below the resistance level 16,060, in addition to the clear negative crossover signs on the stochastic indicator.

Therefore, we expect a bearish bias to occur in the coming hours, targeting 16,000, and breaking this level will facilitate the task required to visit 15,930.

Trading stability above 16,060 can thwart the aforementioned bearish bias, and the index may regain its bullish path to head to the areas of 16,090 and 16,120, respectively. Note: The risk level is high.

S1: 16000	R1: 16060
S2:  15930	R2: 16090
S3: 15890	R3: 16130