DE30: Do the bulls give up?

2:25 PM 18 November 2021

The German benchmark index reacted to an important Fibo level after the short-term profit-taking.

D1 chart

The DE30 is trading slightly lower in the early afternoon after failing to hold the level of the record high reached this morning (16,285 points). If the uptrend is not confirmed by a higher high today, a corrective move could be in the offing. The demand zone between 16,060 and 16,120 points would be the first place to go.

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Source: xStation5

H1 chart

The DE30 gave up the initial gains within a very short period of time during today's setback, which was observed after the formation of the new all-time high. However, the decline below the daily low (16,235 points), which coincides with the 61.8% retracement, was short-lived and provided some buying interest again. Only a break below yesterday's daily low (16,204 points) would reverse the trend.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

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