Can the 14,700 support hold the key for DAX?

DAX finds itself at a crossroads today. Positioned at an undeniably pivotal juncture, the index currently oscillates around a significant horizontal s

upport of 14,700 points, vividly highlighted by an orange line. Casting a glance back in time, this level has repeatedly demonstrated its prominence. Not only did it serve as a resistance toward the close of last year, but it also morphed into a support in March, standing firm as the bulls and bears tussled for dominance. Moreover, this isn’t just any ordinary support. It coincides perfectly with the 38.

But to truly understand the current scenario, one must zoom out and analyze the broader landscape. Until recently, the downward movement was comfortably nestled within a wedge pattern, demarcated by black lines. However, the past week witnessed a breach, with prices slicing through the lower boundary of this pattern. This shift is a glaring testament to the mounting bearish pressure, and it's clear that the bulls are in a tight spot.

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