Germany is also heavily dependent on other raw materials transported through the Strait of Hormuz. The DAX is currently trading around 1,000 points below its 200-day EMA (red line) and has fallen roughly 12% from its recent highs. On the daily timeframe, the RSI points to oversold conditions at 26. At the same time, there are early signs of a cautious return of buyers, and today’s daily candle has formed a very long wick. The index managed to hold the decline near the 23,670 level.
DE40 (D1 timeframe)
Source: xStation5
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