Germany 30 (DE30EUR) Resumes Upward Move, May Face Resistance at Level 13200

Germany 30 (DE30EUR) Resumes Upward Move, May Face Resistance at Level 13200

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 13450. Buyers may face rejection at level 13450. The index has been fluctuating for over three months. It has resumed upward after plunging to the lower price range.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping horizontally indicating the sideways move. The index is at level 47 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 was earlier in a downward move. It fell to level 12320 and resumed an upward move. The price is approaching level 12900. It may face resistance at level 13200.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above 80% range of the daily stochastic. It indicates that it is in a strong bullish momentum. The index has reached the overbought region of the market.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. Presently, it has resumed the uptrend. At level 12900 resistance zone, the daily stochastic is indicating that price has reached the overbought region.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.