The German benchmark index is moving sideways on Thursday. Is profit-taking imminent or is there a second breakout attempt?
D1 chart
Technically, there is not much to complain about, as the DE30 was able to continue the gains from October this week and reached a new record high (16,049 points) in pre-market trading today. However, today's daily candle (doji) indicates indecisive market participants after the recent strong rally. A sustainable breakout with a higher closing price, ideally on a weekly basis, would be important.
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Source: xStation5
H1 chart
The hourly chart provides us with a deeper insight into the consolidation described above. The DE30 broke the local low (16,004 points) this morning and so far the uptrend has not been confirmed by a new higher high, so a correction could be imminent. The price rise in the past few hours could represent an upward correction in the downward impulse. However, as long as the 200 hour moving average is not broken, buyers retain their advantage.
Source: xStation5
Maximilian Wienke, CFTe
XTB Germany
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