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DE30 tries to recover

15:43 20 January 2022

The German benchmark index is testing an important resistance level. 

D1 chart

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The DE30 recovers on Thursday and tests the horizontal trend line at 15,837 points. The mark dates back to the close on December 30 (local low) and has served alternately as support and resistance since then. A return above would significantly improve the technical picture.

Source: xStation5

H1 chart

In the short term, buyers have repelled sellers' attacks several times and may have initiated a new uptrend by yesterday's rise above the local high (red arrow). The DE30 had reacted to the 50% retracement (see circles) twice in the past two days and formed a large Bullish Engulfing.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany
 

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