• DAX reversed from support area
• Likely to rise to resistance level 14000.00
DAX index recently reversed up from the combined support area lying between the support level 13620.00, lower daily Bollinger Band, support trendline of the daily up channel from December, 50% Fibonacci correction of the previous impulse wave 1 and the 50-day moving average. The upward reversal from this support area started the active short-term impulse wave 3 – which belongs to the sharp intermediate impulse sequence (3) from the end of January.
Given the clear uptrend on the daily DAX charts – the index is likely to rise further toward the next round resistance level 14000.00 (which has been reversing the price from the middle of January).