Germany 30 (DE30EUR) Is Recovering but Faces Resistance at 10000

Germany 30 (DE30EUR) Is Recovering but Faces Resistance at 10000

Key Resistance Zones: 12800, 13200, 13600
Key Support Zones: 11600, 11200, 10800

Germany 30 (DE30EUR) Long-term Trend: Bearish
Germany 30 is currently in a bear market but seems to have exhausted selling pressure. Consequently, the 8000 support has been holding since March 19. The bulls made an upward move but face resistance at 10000. The resistance has remained unbroken since March 25. At this moment, the bulls are testing to break the resistance at 10000. On the upside, if the resistance at 10000 is breached, the index is likely to rise above 11000.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Germany 30 is currently is above 60% range of the daily stochastic. The index has been in a bullish momentum. Also, the bulls are emerging from the oversold regions to push the index upward. The moving averages are still pointing southward.

Germany 30 (DE30EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is making an upward move as the bulls broke the resistance line of the descending channel. The upward move is currently resistance at 10000. The bulls have made three unsuccessful attempts to break it. It is likely the fourth attempt may fail.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently at level 66 of the Relative Strength Index period 14. The index is in the uptrend zone and above the centerline 50. This implies that the index is likely to rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Germany 30 (DE30EUR)
Germany 30 upward move has been hampered due to the resistance at 10000. The bulls are likely to face resistance for the fourth time without breaking it. A bullish breakout will push the index out of the current resistance.

Instrument: Germany 30 (DE30EUR)
Order: Sell
Entry price: 10100
Stop: 10150
Target: 8100

Note: Learn2Trade.com 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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.