The German benchmark index loses ground in the short term on Thursday as the Fed prepares for tapering.
D1 chart
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Create account Try a demo Download mobile app Download mobile appThe DE30 managed to stop today's decline at the 50-day moving average, similar to late July and early August. The area also coincides with the 38.2% Fibonacci retracement of the upward impulse that began with the July low. The bearish hammer candle formed on Wednesday had already suggested more selling pressure.
Source: xStation5
M30 chart
The lower time frame shows that the DE30 had fallen around 270 points (-1.7%) after breaking out of this week's sideways range (purple rectangle). The two rebounds of the above mentioned retracement (see circle) could indicate that the price is stabilizing. The 38.2% retracement and the local high (15,719 points) now determine the short-term trading range.
Source: xStation5
Maximilian Wienke, CFTe
XTB Germany
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