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 12300 and 13200. It is making is a downward move after facing rejection at the upper price range. The price is likely to continue falling as it is below the SMAs.
Daily Chart Indicators Reading:
Presently, the SMAs are sloping horizontally indicating the sideways move. The index is at level 44 of the Relative Strength Index period 14. This indicates that it is in the uptrend zone and below the centerline 50.
Germany 30 (DE30EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is on a downward move. On October 15 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This is an indication the market will fall and reach level 2.0 Fibonacci extension. In other words, the market will reach level 12012.0.
4-hour Chart Indicators Reading
The market is below the 80% range of the daily stochastic. It indicates that the index 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 now making a downward move. The index has fallen to level 12733 and a further downward movement is expected to level 12012.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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