The Dax ended Friday’s session in the red, dropping towards our support level at 12200 (and the 200 period SMA on the daily chart) after Eurozone Q2 GDP data registered the deepest contraction on record, coming in at -12.1% QoQ and -15% YoY. Better than expected Chinese data released today is providing some support to the index while increasing Covid-19 cases and rising geopolitical tensions should keep upside limited with 12200 target valid as long as our resistance at 12400 is respected.
Support: 12200 / 12035
Resistance: 12400/ 12600
