German Dax Starts Negative

The German DAX index found a strong resistance level around 15590, which forced it to trade negatively from retesting the 15و470 support level and hovering around this level with the opening of the first weekly sessions.

Technically, we notice the clear negative signs on Stochastic, which started to lose the bullish momentum gradually in addition to the stability of the RSI below its mid-line.

Therefore, the bearish tendency is the most preferred during the coming hours, knowing that trading below 15,470 facilitates the task required to visit 15,420 and then 15,300 next stops.

Activating the bearish scenario suggested above depends on the stability of trading below the resistance level 15,600 and most importantly 15,640, and breaching the last level will negate the bearish bias and we will witness a bullish movement whose initial target is 15,720.

Note: The risk level is high.

Note: The risk level is high.

S1: 15420	R1: 15640
S2:  15295	R2: 15725
S3: 15210	R3: 15855