Dax Technical Analysis Report 15 December, 2020

  • Dax reversed from support area
  • Likely to rise to 13500.00

Dax index recently reversed up from the support area located between the round support level 13000.00 (low of the previous minor correction (b) from the start of November) and the lower daily Bollinger Band. The upward reversal from this support area is aligned with the prevailing uptrend that can be seen on the daily Dax charts.

Given the continuation of the daily uptrend and the growing optimism on the mass vaccination to be soon started in Germany and the expectation that the Brexit deal can still be reached in the foreseeable future  – Dax is expected to rise further toward the next resistance level 13500.00 (top of the previous ABC correction 2 from the end of October).

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