Germany’s DAX Based on Support

The German DAX started its first weekly trading with a bullish bias after it succeeded in building a base on the pivotal support floor located at 13,220.

On the technical side, we tend to be positive, depending on the stability of trading above the mentioned support, in addition to the positive stimulus coming from the 50 day moving average.

The first target is located around 13,340, and the breach of the aforementioned level is a catalyst that enhances the chances of a rally towards 13,380. The return of trading stability below 13,220 is able to negate the attempts to rise and put the price under strong negative pressure, targeting 13,155.

S1: 13225	R1: 13340
S2: 13155	R2: 13385
S3: 13110	R3: 13460