Germany 30 (DE30 EUR) Approaches Resistance at Level 12800, May Face Selling Pressure

Germany 30 (DE30 EUR) Approaches Resistance at Level 12800, May Face Selling Pressure

Key Resistance Zones: 13600, 14000, 14400
Key Support Zones: 11200, 10800, 10400

Germany 30 (DE30EUR) Long-term Trend: Bullish
The index is in an uptrend. It has reached the resistance zone of level 13000. On June 8, the index reached the resistance zone and was repelled. It dropped to level 11757 and resumed a fresh upward move. The new uptrend is approaching the 13000 resistance zone. The index may face another downward move as it has reached the overbought region.

DE30EUR – Daily Chart

 

 Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the upward move. The moving averages have a bullish crossover. The index is at level 60 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and above the centerline 50.

Germany 30 (DE30EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. It is currently approaching the resistance at level 12800. The market has tested the resistance zone on three occasions. There is a possible rejection at the resistance zone. Presently, the market has reached level 12797.30. The uptrend will continue if the price breaks the current resistance.

DE30EUR – 4 hour chart

4-hour Chart Indicators Reading
The market is currently above 80 % range of the daily stochastic. The index is now in the overbought region. The stochastic bands are sloping downward indicating the bearish momentum. Sellers may emerge at the overbought region.


General Outlook for Germany 30 (DE30EUR)
DE30EUR is now in the overbought region. The bulls have retested the resistance level on three occasions to break it. Nonetheless, since the index is overbought sellers ought to emerge. Although, in a strong trending market the overbought conditions may not hold.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results




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