DE30: Lower limit of the flag pattern is crucial

1:28 PM 25 March 2021

The DE30 is losing value on Thursday, testing the lower boundary of a consolidation pattern.

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The DE30 falls to its lowest level since March 16 at 14,475 points after the index bounced off the price zone at 14,600 points in the morning. The low of the previous week and the breakout level of March 8 could now be the next targets.

Source: xStation 5

H4

The DE30 cannot climb back above 14,600 points this week despite the numerous recovery attempts (see shadows). A break below the lower boundary of the bullish flag pattern could be the trigger for a deeper correction.

Source: xStation 5

H1

The 61.8% retracement, which could prevent a deeper decline no less than six times this week, is broken with considerable momentum at noon today. In the short term, rises should therefore only be seen as upward corrections, at least as long as no clear bottom is visible. Note that the RSI does not yet indicate an oversold condition. The hope of the bulls now lies on the flag pattern.

Source: xStation 5

Maximilian Wienke
XTB Germany

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