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.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appSource 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
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.