Germany 30 (DE30EUR) Retraces but May Find Support Above Level 13912.50

Germany 30 (DE30EUR) Retraces but May Find Support Above Level 13912.50

key Resistance Zones: 15000, 15200, 15600
Key Support Zones: 11200, 10800, 10400

Germany 30 (DE30EUR) Long-term Trend: Bullish
Germany 30 is retracing to level 13400. After retracement, the uptrend will resume. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise and reach level 1.272 Fibonacci extensions or level 14428.0. A candlestick is indicating a long wick, describing the rejection.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has risen to level 59 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone above the centerline 50.

Germany 30 (DE30EUR) Medium-term Trend: Bullish
On the 2- hour chart, the index is in a downward move. On February 2 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DE30EUR will fall to level 2.0 Fibonacci extensions. That is the low of 13912.50.

DE30EUR – 2 Hour Chart

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 upward indicating the uptrend.

General Outlook for Germany 30 (DE30EUR)
DE30EUR is in an uptrend but it is retracing. The upward move will resume when the index finds support. According to the Fibonacci tool, the market will decline to level 13912.50.


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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.