Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The German DAX failed to confirm breaching the pivotal resistance level published during the previous analysis, located at 15,790, which we explained as an essential and fundamental condition for continuing the rise to force the index to trade negatively again.
Technically, and with a closer look at the 60-minute chart, we find negative signs from the Relative Strength Index, accompanied by the negative pressure from the 50-day moving average.
Therefore, we tend to the negativity in the coming hours, targeting 15,660 first target, considering that breaking the mentioned level increases the negativity, and we may witness touching 15,600 and 15,550, respectively.
On the upside, settling again above 15,840 will stop the bearish scenario, and we will witness a return to the bullish path with initial targets starting at 15,900. Note: The risk level is high.
| S1: 15660 | R1: 15840 |
| S2: 15550 | R2: 15900 |
| S3: 15440 | R3: 16020 |
