• DAX broke resistance level 15000.00
• Likely to rise to resistance level 15500.00
DAX index continues to rise after the earlier breakout of the resistance area lying between the resistance level 14770.00 (top of the previous impulse wave (iii)) and the resistance trendline of the daily up channel from December. The breakout of this resistance area – was today followed by the breakout of the major round resistance level 15000.00 – which accelerated the active minor upward impulse waves (v) and 3.
Given the prevailing multi-month daily uptrend and the improvement in risk sentiment seen across the equity markets today – DAX index is likely to rise further toward the next key resistance level 15500.00 (target price for the completion of the active impulse wave 5).