Germany 30 (DE30EUR) Faces Rejection at Level 13200, Resumes Downward

Germany 30 (DE30EUR) Faces Rejection at Level 13200, Resumes Downward

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

Germany 30 (DE30EUR) Long-term Trend: Bullish
The index is now in an upward move. The index rebounded at the low of level 11400. The upward move is likely as price breaks above SMAs. The index is currently facing rejection at the recent high.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping southward indicating the downtrend. The index is at level 61 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: Bullish
On the 4- hour chart, the index is on an upward move. The index is falling after reaching level 13200. If the price retraces and breaks below the SMAs, the downtrend will resume.

4-hour Chart Indicators Reading
The market is above the 80% range of the daily stochastic. The price has reached the overbought region. Sellers may emerge to push prices down. Meanwhile; the 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

DE30EUR – 4 hour Chart

General Outlook for Germany 30 (DE30EUR)
DE30EUR is falling after reaching the peak price of level 13200. The market is falling after rejection at level 13200 high. The downtrend will resume if the price breaks below level 12600


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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.