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DE30 tests the 20-day moving average

12:21 PM 15 July 2021

The German benchmark index drops 1% on Thursday and tests the 20-day moving average.

H1 chart

The DE30 is trading back in the sideways range that has dominated price action for about two weeks, as the upper boundary could not be defended. The range coincides with the 200-hour moving average, so sellers have a short-term advantage. Weakness had already appeared on Wednesday: The uptrend line was broken and the weekly high could not be overcome. 

Source: xStation5

D1 chart

The DE30 is testing the 20-day moving average on Thursday after the index retreated from its record high and slipped back into the symmetrical triangle formation. The DE30 is now trading in the red this week! In the big picture, today's setback is to be seen as part of the multi-week consolidation - only below the 50-day moving average, much stronger selling pressure would be expected.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany
 

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