Germany 30 (DE30EUR) Resumes Uptrend, Breaches Resistance at Level 13000

Germany 30 (DE30EUR) Resumes Uptrend, Breaches Resistance at Level 13000

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

Germany 30 (DE30EUR) Long-term Trend: Bullish
The index is in an uptrend. It is currently facing resistance at level 13000. The uptrend will resume once the resistance is breached. However, a correction candle body tested level 0.618 Fibonacci retracement level. It indicates that the index will rise and reach level 1.618 Fibonacci extension level. Or the market will reach level 14479.10.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the upward move. The moving averages have a bullish crossover. The index is at level 60 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: Bullish
On the 4- hour chart, the index is in an uptrend. A trend line is drawn showing the support levels of price. The price is currently breaking the resistance at level 13000. The index has reached the overbought region of the market.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is currently above 80 % range of the daily stochastic. It is now in the overbought region. In a trending market, the overbought region may not hold. Meanwhile, the 50-day SMA and the 21-day SMA  are sloping upward.

General Outlook for Germany 30 (DE30EUR)
DE30EUR is in an uptrend. The bulls have broken the initial resistance at level 13000. The uptrend is approaching level 13025.90 at the time of writing.

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