Can the DE30 hold the gains of the week?

12:35 PM 12 August 2021

The German benchmark index is testing the all-time high. Will the rally continue or is a short-term double top looming?

D1 chart

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The DE30 gains around 0.2% on Thursday and tests the all-time high, which was formed yesterday afternoon at 15,879 points. On Wednesday, buyers were able to prevail after the intraday dip was quickly bought and the price was subsequently pushed further up. The next price target remains the 127.2% retracement of the upward movement that began with the May 13 low (14,806 points).

Source: xStation5

M30 chart

Yesterday's rise above the multi-month resistance zone and today's test of the record high have again created more euphoria. However, the breakout should also be confirmed on the weekly chart, so the profit-taking should not be too large until Friday evening. In the M30 chart, in case of a correction, one could focus on the drawn upward trend line and the local low at the 38.2% retracement.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

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