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31.05.202314:27 Forex Analysis & Reviews: Technical analysis on Dax for May 31st, 2023.

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Red lines- bearish RSI divergence

green line -support trend line

Blue line- horizontal support

Black line -resistance

DAX index is trading around 15,830. Price has formed a lower high at 16,076 which is important short-term resistance. Price is now challenging the green support trend line. Bulls do not want to see price break below the green trend line. The RSI has warned us on time of a potential reversal. Price remains vulnerable to a move lower. Bulls need to break recent high of 16,076 in order to push to new highs towards the black trend line at 16,400-16,500. The 15,670 horizontal support is the line of defense for bulls. A break below it will confirm a trend reversal for the near term.

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