• DAX reversed from support area
• Likely to rise to resistance level 15750.00
DAX index recently reversed up from the support area lying between the key round support level 15000.00 (which has been reversing the price from April), lower Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from March. The upward reversal from this support area started the active short-term impulse wave (iii) – which belongs to the longer-term upward impulse waves 3 and (3).
Given the clear daily uptrend and the improved risk sentiment seen across the equity markets today – DAX index can be expected to rise further toward the next resistance level 15750.00 (which stopped the previous waves (i) and (b)).
