German DAX Repeats The Chances of The Upward 17/2/2022

Positive trading dominated the movements of the German DAX index within the expected bullish path mentioned in the previous analysis, touching the first target at 15,400, recording its highest level at 15,531.

Technically, by looking at the 60-minute chart, the index is still consolidating above the minor support level of 15,300, accompanied by the positive motive for the 50-day moving average that continues to hold the price from below.

There may be a possibility of an upward bias but provided that we witness a clear and strong breach of the resistance level 15,530 to target 15,640 next price stations as long as the price is stable intraday above 15,300.

The decline below the support floor mentioned above might put the index’s movements under negative pressure to retest 15,200 and 15,150 before attempts to rise again.

Note: The risk level is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 15315	R1: 15530
S2: 15205	R2: 15640
S3: 15095	R3: 15750