• DAX reversed from resistance level 15500.00
• Likely to fall to support level 15000.00.
DAX index recently reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance area lying between the key resistance level 15500.00, upper daily Bollinger Band and resistance trendline of the narrow daily up channel from the end of February – inside which the index has been rising for the last two months. The downward reversal form the resistance level 15500.00 started the active corrective wave (ii).
Given the deterioration of the risk sentiment across the equity markets due to the explosion of the covid-19 cases in spite of the widespread vaccination campaigns – DAX index can be expected to fall further in the active corrective wave (ii) toward the next support level 15000.00.