Germany 30 (DE30EUR) Is Range-Bound but Strongly Faces Rejection at Level 13000


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

Germany 30 (DE30EUR) Long-term Trend: Ranging
The index is fluctuating between levels 12000 and 13000. The upward move in June was resisted at level 13000. The price plunged to level 12000 and corrected upward. The bulls retested the resistance level in July and the index was repelled. Germany 30 is presently trapped in the current price range.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the upward move. The moving averages have a bullish crossover. The index is at level 57 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: Ranging
On the 4- hour chart, the index is in a sideways move. The price is not fluctuating in a particular direction. In June the price was consolidating above level 12000. However, in July the market fluctuated upward to level 13200. After the rejection at the recent high, the market is making a downward move.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently below 20 % range of the daily stochastic. This implies that buyers will emerge to push prices upward. Meanwhile, the 50-day SMA and the 21-day SMA are sloping upward.

General Outlook for Germany 30 (DE30EUR)
DE30EUR is not trending. The market has continued to consolidate sideways since June. The recent downward move is consolidating above level 12750. The direction of the market is unclear.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.