Germany 30 (DE30EUR) Faces Rejection, a Downward Move Likely

Germany 30 (DE30EUR) Faces Rejection, a Downward Move Likely

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

Germany 30 (DE30EUR) Long-term Trend: Bullish
Germany 30 is in an upward move but it is facing resistance at level 13800. The index has resumed a downward move after rejection. The price plunged to level 13000 and pulled back. There seems to be buying pressure at a lower price level.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 55 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: Bearish
On the 4- hour chart, the index is in a downward move. A retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DE30EUR will decline to level 1.618 Fibonacci extension.

DE30EUR -4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 40% range of the daily stochastic. It indicates that the index is in a 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 in a downward move. The upward move is facing rejection at level 13800 resistance zone. A breakout at the resistance will catapult the coin to resume a fresh uptrend.



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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.