DE30 has gained 4% since the December low

The German benchmark index rises by a further 0.5% on Thursday and seems to continue the recovery for a third day in a row.

D1 chart

The DE30 has already gained more than 4% since the weekly low reached on Monday morning. The next important resistance for the bulls is the 61.8% retracement of the correction that started four weeks ago (15,760 points), which has not been sustainably broken so far despite several attempts in December.

Source: xStation5

H1 chart

In the hourly chart, the short-term structure within the broader upward impulse is bullish again after the decline below the December 3 low turned out to be a false breakout (see bullish hammer candle). To confirm the trend, the index would have to overcome the high of December 7 (15,842 points), while below the local low (blue line at 15,405 points), selling pressure could increase again.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany