• DAX reversed from pivotal support level 15350.00
• Likely to rise to resistance level 15800.00
DAX index recently reversed up from the pivotal support level 15350.00 (which has been reversing the price from the end of this May), standing near the lower daily Bollinger Band, 50% Fibonacci correction of the upward impulse from May and the 50% Fibonacci correction level of the previous upward impulse (i). The upward reversal from this support level 15350.00 created the daily candlestick reversal pattern Piercing Line.
Given the strong daily uptrend – DAX index can be expected to rise further toward the next resistance level 15800.00 (which stopped the previous upward impulse (i) at the the start of June).
