Technical analysis

DAX Wave Analysis – 31 May, 2021

• DAX reversed from key resistance level 15535.00

• Likely to fall to support level 15347.00

DAX index recently reversed down from the key resistance level 15535.00 (which has been repeatedly reversing the index from the start of April) – intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 15535.00 stopped the previous short-term impulse wave (iii).

DAX index can then be expected to fall further toward the next support level 15347.00 (low of the previous minor corrective wave (ii)).

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