Germany 30 (DE30EUR) Reaches Overbought Region at Level 13546, May Continue Uptrending

Germany 30 (DE30EUR) Reaches Overbought Region at Level 13546, May Continue Uptrending

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

Germany 30 (DE30EUR) Long-term Trend: Bullish
The index is continuing the upward move. On November 11uptrend, a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement indicates that the index will rise and reach level 1.1129 Fibonacci extensions. That is the high of 13546.10.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 61 of the Relative Strength Index period 14. This indicates that it is in the uptrend zone and above the centerline 50.

Germany 30 (DE30EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. On November 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the index will rise and reach a level of 1.618 Fibonacci extensions. That is the high of 13843.0.

DE30EUR – Daily Chart

4-hour Chart Indicators Reading
The market is above the 80% range of the daily stochastic. The price has reached the overbought region. Sellers may emerge to push prices down. Meanwhile; the 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

General Outlook for Germany 30 (DE30EUR)
DE30EUR has traded and it is approaching the overbought region of the market. The market can still rise while in the overbought region. According to the Fibonacci tool analysis, the market will rise to level 13843.0.


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Author : Azeez Mustapha

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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.