DE30 falls below the 50-day moving average

The German benchmark index loses ground on Thursday.

H1 chart

The DE30 breaks out of the multi-day sideways range to the downside this morning, after the pre-market trading was already a big disappointment: first the false breakout at the upper limit and then decline below the 200-hour moving average (EMA). The buyers are working against the trend and have a strong resistance area to crack with the zone of 15,447 to 15,473 points.

Source: xStation5

D1 chart

Price declines below the 50-day moving average (EMA) were not uncommon in the past month and a half (see circles). But can the DE30 recover in time this time as well? After the recent false breakouts from the symmetrical triangle, the bears have now taken control. As the index is trading near the daily low, the sell-off does not seem to be over yet.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany