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DE30 oscillates between two retracements

2:29 PM 20 October 2022

The leading index has fully recovered from the initial losses.

D1 chart

The DE30 is trying to defend a key support area on Thursday - Wednesday's daily low and the 50% retracement above it, which was broken with Tuesday's daily candle. Yesterday the index bounced off the 61.8% retracement for the second time - see false breakouts.

Source: xStation 5

H4 chart

The DE30 closed below the short-term low at 12,670 points at midday today. The recent upward impulse started from here. The break could signal a change in direction and possibly the start of a new sell off. Note that the long-term trend is downwards.

Source: xStation 5

Maximilian Wienke, CFTe
XTB Germany

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