The German benchmark index pulls back from a crucial price zone on Thursday after a strong start to trading.
D1 chart
The DE30 is encountering strong resistance today, similar to yesterday's session: the area between 15,375 and 15,450 points - where there had been many directional changes since September 9. On Wednesday, an inside bar was formed, which suggested a bullish reversal in the long-term intact uptrend. However, the recovery attempt was not convincing so far.
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Source: xStation5
H1 chart
In a smaller time frame, we can see that today's pullback was stopped at the 61.8% Fibonacci retracement for the second time. In addition, a new local high was formed with the pre-market rise, so that the short-term conditions speak for potential entries, were it not for the much-observed zone between 15,450 and 15,510 points. Only a sustained break would significantly improve the technical situation - until then, the chart remains fragile.
Source: xStation5
Maximilian Wienke, CTFe
XTB Germany
