Germany 30 (DE30EUR) Makes Positive Moves, Approaches Overbought Region.

Germany 30 (DE30EUR) Makes Positive Moves, Approaches Overbought Region.

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 but it is facing resistance at level 13200. The price is currently is in a sideways move below the overhead resistance. The index is fluctuating between level 13000 and 13200.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 60 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 retracing from the recent high. On November 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the index is likely to fall to level 1.272 Fibonacci extensions and reverse.

DE30EUR -4 Hour Chart

4-hour Chart Indicators Reading
The market is below the 20% range of the daily stochastic. It indicates that the index is in bullish momentum. Meanwhile; the 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.


General Outlook for Germany 30 (DE30EUR)
DE30EUR is an uptrend. The index is approaching the overbought region. Sellers may emerge to push prices down. However, in a trending market, the overbought condition may not hold. That is the pair will continue to rise.


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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.