Germany 30 (DE30 EUR) Faces Selling Pressure as the Market Reaches an Overbought Region at Level 12800

Germany 30 (DE30 EUR) Faces Selling Pressure as the Market Reaches an Overbought Region at Level 12800

 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. The previous trend was resisted at level 12868. The index dropped to level 11757 and resumed a fresh uptrend. The new uptrend is approaching level 12723 and it is facing the resistance zone. It is likely the index may face another downward move.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, SMAs are sloping upward indicating the upward move. The moving averages have a bullish crossover. The index is at level 62 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. The price has risen and reached the resistance at level 12800. The price is retracing from the recent high. Previously the resistance was at level 12600 but price has broken the 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 price is rising as it reached the overbought region. Usually, sellers may emerge at the overbought. In a trending market, the overbought or oversold conditions may not hold.

General Outlook for Germany 30 (DE30EUR)
DE30EUR is now in the overbought region. Sellers have already emerged as the market makes a downward move. After retracement, the uptrend will resume.


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