DE30 continues recovery rally

The German benchmark index extends weekly gains by more than 150 points on Thursday.

D1 chart

With today's rise, the DE30 breaks through resistance at 13,674 points and may have unlocked upside potential to the next important hurdle - the June high at 14,707 points. As long as the support at 13,326 points holds, a further recovery against the medium-term trend direction remains most likely.

Source: xStation5

H4 chart

This week, the bulls used the defence of the low at 13,332 points and the bounce off the 38.2% retracement of the previous upward impulse for a new attack. The uptrend was confirmed by higher highs yesterday. Today, the gains are extended further - the index reaches its highest level since June 10.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

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