Germany 30 (DE30EUR) Continues Selling Pressure, May Reach Level 11669.30

Germany 30 (DE30EUR) Continues Selling Pressure, May Reach Level 11669.30

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

Germany 30 (DE30EUR) Long-term Trend: Bearish
The index is now in a downtrend. The bears have broken the range-bound movement. It is making a downward move after facing rejection at the upper price range. The price is likely to continue falling to level 11669.30.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping southward indicating the downtrend. 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 22 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This is an indication that the market will fall and reach a level 2.0 Fibonacci extension. In other words, the market will reach level 11669.30.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is below the 30% range of the daily stochastic. It indicates that the index is in 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 12159 and a further downward movement is expected to level 11669.30.

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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.