DE3️⃣0️⃣ tests key support

9:59 AM 11 May 2021

Key German index started this week with the bullish gap but has been struggling since then. Will the key support contain the decline❓

Markets started this week in upbeat moods after the Fed openly cheered weaker NFP report last Friday. The bullish momentum has faded since then as investors are unsure how rising inflation can complicate economic landscape. While the key data will be released tomorrow (US CPI, 1:30pm), DE30 is already testing the key 15100 level – neckline of a failed head and shoulders formation. The index blew past this support last week only to give fake signals two times – once on the downside and once on the upside. Will the level hold this time around? A break lower could lead to a lower limit of the upwards channel.

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