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

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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

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