DAX soars toward 14,000 EUR, again

26/01/2021

On Tuesday, traders bought yesterday's dip, and the German DAX index erased all of Monday's losses as it was trading 1.3% stronger, rising toward the important 14,000 EUR level.

The intraday resistance seems to be near 13,910 EUR, where previous highs are seen, and if the index jumps above that level, we could see another leg higher toward 14,000 EUR.

The long and medium-term trends seem bullish. Therefore, short-term corrections are still good trading opportunities. Traders prefer to buy on dips. 

Alternatively, the support could be seen at today's lows of 13,600 EUR, and if not held, the DAX could decline to 13,400 EUR in the initial reaction. 

Sentiment still seems positive, especially during the US trading hours, which might benefit the EU indices as well. Moreover, Germany decided to extend its lockdown, which has been very bullish for DAX so far. 
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