Germany 30 (DE30EUR) Resumes Downtrend, Faces Rejection at Level 12720

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 12000 and 13000. Today, price is consolidating in the middle of price range. The price bars are characterized by small body indecisive candlesticks. The index is fluctuating horizontally.

Daily Chart Indicators Reading:
Presently, the SMAs are sloping horizontally indicating the sideways move. The index is at level 52 of the Relative Strength Index period 14. This indicates that the market is in the uptrend zone and above the centerline 50.

Germany 30 (DE30EUR) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways move. In the August 10 downtrend, a green candle body tested the 0.382 Fibonacci retracement. It indicates that the market will fall to 2.618 extension level. It implies that the market will fall to the low of 12330.

4-hour Chart Indicators Reading
The market is currently below 50 % 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 sideways.

General Outlook for Germany 30 (DE30EUR)
DE30EUR fluctuates between levels 12000 and 13000. However, the market is having a downward move from level 12720. According to the Fibonacci tool, price will fall and reach the low of level 12330.

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