• DAX broke key resistance level 14150.00
• Likely to reach resistance level 14750.00
DAX index continues to rise sharply after previously breaking through the key resistance level 14150.00 (which stopped and reversed the three previous waves (1), 1 and (b) – as can be seen from the daily DAX chart below). The breakout of the resistance level 14150.00 accelerated the active short-term impulse wave 3 – which belongs to the higher-order upward impulse sequence (3) from the end of January.
Given the continuation of the daily uptrend and the recent breakout of the aforementioned resistance level 14150.00 – which is serving now as the strong support for this index – DAX index is likely to rise further toward the next resistance level 14750.00 (intersecting with the daily up channel from December).
