Key Resistance Zones: 13600, 14000, 14400
Key Support Zones:11200, 10800, 10400
Germany 30 (DE30EUR) Long-term Trend: Bearish
Germany 30 is in a bear market. The index has fallen to the low of 8542 indicating that the market is oversold. The implication is that selling pressure has been overdone. It is presumed that the downtrend has subsided. Presently, the index is testing the 8000 support and then pulling back. There is a downtrend price rejection at 8000. Invariably it means 8000 support is likely to hold.
Daily Chart Indicators Reading:
Germany 30 has fallen into the oversold region below 20% range of the daily stochastic. The index has fallen into the oversold region since February 25. For over three weeks, the stochastic bands have been horizontally flat, as the bulls fail to emerge. This market can be regarded as seriously oversold.
Germany 30 (DE30EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a bear market. The index is falling in the descending channel. The price dropped sharply to the low of 8400 and it is making an upward move.
4-hour Chart Indicators Reading
The index is currently at level 35 of the Relative Strength Index period 14. RSI is indicating that DE30EUR is approaching the oversold region. The 21-day SMA and the 50-day SMA are sloping horizontally.
General Outlook for Germany 30 (DE30EUR)
DE30EUR index appears to have exhausted a downward move. The index has been in the oversold region for the past three weeks. Buyers `are expected to emerge at the oversold region to push the price upward
Instrument: Germany 30 (DE30EUR)
Order: Sell
Entry price: 8530
Stop: 8600
Target: 8330
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