German Dax Presses Support 7/1/2022

Negative trading dominated the movements of the German DAX index after it found a strong resistance level around 16,140, which forced it to trade negatively again and hover around its lowest level during the early trading of the current session 15,970.

On the technical side, the bearish bias may be the most preferred due to the negative pressure of the simple moving averages, in addition to the negativity of the momentum indicator and its stability below the 50 levels.

With daily trading remaining below 16,100, the negative targets may start at 15,930, and breaking it will extend the index’s losses, opening the way towards 15,860.

Rising above 16,110 leads the index to visit 16,210 initial stops whose targets may extend to 16,280.

Note: The level of risk may be high.

S1: 15930	R1: 16110
S2: 15860	R2: 16210
S3: 15760	R3: 16280