Germany 30 (DE30EUR) Is Retracing After Reaching an Overbought Region at Level 14150

Germany 30 (DE30EUR) Is Retracing After Reaching an Overbought Region at Level 14150

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. Since January 8 the index has reached an overbought region of the market. The RSI has indicated that the index has no room to rally on the upside. Germany 30 may further retrace from the recent high.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has fallen to level 63 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 upward move is facing resistance at level 14100. The market has already fallen to level 13860. On January 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DE30EUR will fall to level 1.618 Fibonacci extensions. That is the low of 13559.90.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 30% 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 an upward move. The index is retracing from the recent high. The RSI has indicated a downward movement of price. According to the Fibonacci tool analysis, the index will fall to level 13599.90.


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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.