• Dax reversed from support area
• Likely to test resistance level 14000.00
Dax index continues to rise after the price reversed up from the support area lying between the key support level 13600.00 (which has been reversing the price from the ends of December), lower daily Bollinger Band and the 38.2% Fibonacci correction level of the upward impulse from the start of December. The upward reversal from this support area started the active short-term impulse wave 5 and is likely to form the daily Bullish Engulfing if the price closes today near the current levels.
Given the improvement in risk appetite after it was reported that German business morale improved in December – Dax index is expected to rise further toward the next resistance level 14000.00 – followed by 14134.00.