German DAX Rebounds

The German DAX index managed to achieve the positive outlook, as we expected during the last trading sessions last week, touching our awaited target of 15,530, recording its highest levels at 15,325.

The technical side today indicates the possibility of continuing the rally, as long as the index found a solid support floor around 15,200, in addition to the positive motive of the simple moving averages. During today’s session, we target touching 15,350, and a breakout of it will increase the index’s gains, opening the way to visit 15,420, and the gains may extend to 15,480 later.

Trading below 15,200 will immediately stop the attempts to rise, and the index will face strong selling, targeting 15,095 and 15,030.

Note: the level of risk remains high.

S1: 15200	R1: 15350
S2: 15095	R2: 15420
S3: 15030	R3: 15520