DE30 stabilises above important retracements

12:29 PM 28 July 2022

The German benchmark index needs a new impulse.

D1 chart

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The DE30 has been treading water for almost a week now - is the seventh change of direction in a row looming? On the positive side, the bulls are able to resist the selling pressure. On the other hand, resistance at 13,419 points must be broken through to release more upside potential. The previous week's breakout attempt failed.

Source: xStation5

H4-Chart

Technically, the disorientation described above is part of the corrective movement. Numerous reactions can be seen especially at the 50% and 61.8% retracement - buyers keep showing up here. As long as the support at 12,809 points holds, the broader structure remains bullish.

Source: xStation5

Maximilian Wienke, CFTe
Marktanalyst bei XTB
maximilian.wienke@xtb.de

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