Germany 30 (DE30 EUR) Reaches Oversold Region at 10378, Buyers Likely to Emerge

Estimated Reading Time: 3 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 Trend: Bullish
Recently, the index was in an upward move as it reached a high of 11000. The price was resisted at level 11000 as the market fell to level 10498.80. The market fell to the support above the 21-day SMA. Germany 30 will resume the uptrend if 21-day SMA holds. On the upside, if the price breaks the resistance, the market will rally above level 12000.

Daily Chart Indicators Reading:
The index is presently at level 55 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and above the centerline 50. The market will resume its uptrend if the current support holds. The SMAs are sloping upward indicating the uptrend.

Germany 30 (DE30EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is now in an uptrend. The index is making a series of higher highs and higher lows as it reached the high of level 11200. The bulls were resisted and the price fell to the low of level 10378.80. This current low is holding as it makes an upward move.

4-hour Chart Indicators Reading
The market is currently below 20 % range of the daily stochastic. DE30EUR is in the oversold region. Buyers are likely to emerge in the oversold region. Besides, the stochastic bands are making a U-turn upward indicating a bullish momentum.

General Outlook for Germany 30 (DE30EUR)
DE30EUR was earlier in a downward move. The selling pressure appears to have ended as price action shows some bullish signals. The stochastic also indicated price to be in a bullish momentum. On the upside, if buyers emerge the current resistance is likely to be broken. We expect the momentum to continue to the high of 12000.

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