Germany 30 (DE30 EUR) Surges Higher in the Overbought Region

Estimated Reading Time: 2 minutes

Article Rating:

Based on 1 vote

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 bulls have broken the previous resistance at level 11000 as the market makes an upward move. The DE30EUR is currently trading at level 11373 at the time of writing. The price will reach the high of level 11600 if the bullish momentum is sustained. However, the market is approaching the overbought region.

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 61 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 has broken above the previous level and the market is approaching level 11600. As the market approaches level 11600, the index is likely to be overbought.

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 region. In a trending market, the overbought or oversold conditions may not hold. Sometimes overbought or oversold region may not hold in a trending market

General Outlook for Germany 30 (DE30EUR)
DE30EUR has resumed uptrend after breaking above 11000. The index is likely to face rejection in the overbought region. However, in a strong trending market, the overbought condition 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