13:53 · 17 November 2022

DE30: Are the bears preparing a stronger downward movement?

Pressure is mounting, short-term supports have been broken.

D1 chart

The DE30 is weakening this week. After a six-week rally, a correction may be in order. The RSI suggests an overbought market environment as the indicator is trading above the 70 level. Such a level was last seen in November 2021.

Source: xStation5

H1 chart

Sentiment has deteriorated in the short-term. On Wednesday, the DE30 had given up support at 14,260 points. The index then bounced off the 78.6% retracement twice - most recently today after the start of the European open.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

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