DE30: Recovery after false breakout at year low

The German benchmark index is in the middle of a short-term upward correction. 

W1 chart

The DE30 broke through the low for the year this week - but the decline turned out to be a false breakout. A recovery was then initiated, recouping much of the losses. With the medium-term downtrend intact, a second test remains most likely.

Source: xStation5

H4 chart

The DE30 is moving in a steady uptrend towards the high at 12,947 points. This represents the most important resistance for buyers. Should there be a sustained breakout, there would be a chance for stronger rises. Currently, more selling pressure is to be expected.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany