DE30: Short-term profit-taking

12:43 PM 3 February 2022

The German benchmark index has corrected by 200 points since the weekly high reached yesterday. 

D1 chart 

The DE30 is trading more or less flat on Thursday after a weaker opening. There had already been some profit taking on Wednesday after a bounce off the 61.8% retracement. However, we are still a long way from a trend reversal.

Source: xStation5

H1 chart

The uptrend initiated with Tuesday's rise (see circle, last downward impulse in red) remains intact. However, the internal structure of the new, larger upward impulse is bearish, as the local lows (small green rectangle) were broken. Currently, the 23.6% retracement is being tested.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits