DE30 rises, but momentum is weak

12:44 PM August 5, 2021

The German benchmark index fluctuates between gains and losses on Thursday.

D1 chart

The DE30 has been moving in a short-term uptrend channel for several trading days and is testing the resistance at 15,678 points for the third time this week. A sustained breakout would clear the way to the all-time high (15,805 points), but at midday today the daily candlestick suggests a Doji, signaling uncertain market participants.

Source: xStation5

M30 chart

The DE30 was able to recover from the weekly losses in the past two days after the index bounced off the 78.6% retracement. However, the resistance at 15,678 points is strong and cannot be overcome despite numerous breakout attempts. If the uptrend line and the local low (15,650 points) can not be defended, another correction would be possible before a new attack by the bulls.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany


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