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

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

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

Germany 30 (DE30EUR) Long-term Trend: Bearish
Germany 30 has exhausted the selling pressure of the index. The downward move has subsided as the market makes an upward movement. The bulls are making an upward move as the market reaches a high of 10000. The index is currently facing resistance at 10000. Germany 30 was earlier in an oversold region. The current upward move was as a result of the emergence of the bulls.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
DE30EUR is above 40% range of the daily stochastic. The index is in a bullish momentum. The bulls are emerging to push the index upward which was previously oversold. The 21-day SMA is acting as a resistance to the index.

Germany 30 (DE30EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a descending channel. The 8000 support was holding as the bulls make an upward move. The bulls break the resistance line of the descending channel and continue the upward move. Buyers are finding penetration difficult at 10000 resistances. Meanwhile, they have made two unsuccessful attempts without breaking it.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The index is currently at level 53 of the Relative Strength Index period 14. RSI is indicating that DE30EUR is in the uptrend zone. The index is rising. The 21-day SMA and the 50-day SMA are sloping upward.

General Outlook for Germany 30 (DE30EUR)
Germany 30 index is holding above 8000 price levels. With the breaking of the resistance line of the channel, the former trend is presumed to be terminated. There is a change in trend. At the moment the bulls are facing resistance at 10000.

Instrument: Germany 30 (DE30EUR)
Order: Buy
Entry price: 9653.20
Stop: 9600
Target: 9853.20

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.