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DE30: Potential Double Top

12:15 PM 11 August 2022

German benchmark index so far unable to build on yesterday's strong gains.

D1 chart

The DE30 is trading in the red at midday today after the index failed to break out above the previous week's high. The development suggests a short-term double top. On Wednesday, the resistance at 13,675 points was overcome on the closing price - this was the fifth breakout attempt in five trading days.

Source: xStation5

H4 chart

The DE30 started to decline after the bounce at 13,789 points - investors seem to have decided to take short-term profits. However, to reverse the uptrend, support at 13,326 points would have to be broken. In addition, the EMA9 should cross the EMA50 from above downwards.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

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