Germany 30 (DE30EUR) Plunges to Level 12495, May Resume Downtrend

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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

Germany 30 (DE30EUR) Long-term Trend: Ranging
The index is range-bound between levels 12200 and 13200. Buyers face rejection at level 13200. The index has been fluctuating for over three months. The index has plunged to the lower price range.

Daily Chart Indicators Reading:
Presently, the SMAs are sloping horizontally indicating the sideways move. The index is at level 39 of the Relative Strength Index period 14. This indicates that the market is in the downtrend zone and below the centerline 50.

Germany 30 (DE30EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. The index faces rejection at level 13200 as it plunges to level 12494. The price fell to the oversold region of the market. Buyers are likely to emerge.

4-hour Chart Indicators Reading
The market is below the 20% range of the daily stochastic. It indicates that the market is in a bearish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for Germany 30 (DE30EUR)
DE30EUR is fallen to the lower price range. A break below the lower range will signal the resumption of the downtrend. The index is trading now at the support line of the channel.

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