Germany 30 (DE30 EUR) in a Strong Uptrend, Targets Level 14500

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

Germany 30 (DE30EUR) Long-term Trends: Bullish
The index is in an uptrend. The index rose to level 13000 and was resisted. Germany 30 retraced to level 11757 and resumed consolidation. A candle body tested 0.61 Fibonacci retracement level. This indicates that the pair will rise and reach level 1.618 extension level.

Daily Chart Indicators Reading:
The index is at level 52 of the Relative Strength Index period 14. The market is in the uptrend zone and above the centerline 50. The SMAs are sloping upward indicating the upward move. The moving averages have a bullish crossover.

Germany 30 (DE30EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an ascending channel. The index rose to level 12800 and was resisted. Germany 30 fell and found support above level 11600. The market is consolidating above the current support.

4-hour Chart Indicators Reading
The market is currently above 20 % range of the daily stochastic. The market has earlier fallen to the oversold region of the market. Buyers are emerging to push the index upward .The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for Germany 30 (DE30EUR)
DE30EUR index is likely to move up after the retracement. Germany 30 may rise to 1.618 Fibonacci extension level. In other words, the index will reach a high of level 14500.

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