CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

DE30: Buyers use dip for countermovement

12:46 17 June 2021

The German benchmark index is in recovery mode and could soon hit a key resistance area. 

M30 chart

The DE30 trades slightly higher on Thursday after recovering from pre-market losses and closing the bearish gap. Tonight, the price had fallen to 15,617 points - the lowest level since Friday. Since the mentioned low has not been broken so far and the 78.6% Fibonacci retracement of the recent downward impulse has been tested several times, it could be either a strong upward correction or the beginning of a new upward trend.

Source xStation5

H4 chart

In order to end the correction in the 4-hour chart, which was extended to the 61.8% Fibonacci retracement tonight, the DE30 would have to break the most important price zone since June 7 at 15,730 points. The area coincides with the upper limit of the falling trend channel, so that a decision could be made here, which should significantly influence the price trend in the next trading days.

Source xStation5

Maximilian Wienke, CFTe
XTB Germany
 

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