DE30: Recovery, but no trend reversal

The German leading index continues to tread water in the last week of 2022.

W1 chart

The DAX / DE30 rises by 0.54% on Thursday and returns above the psychological mark of 14,000 points. In the previous week, the index had turned just before the EMA21 and formed a doji - a candle that suggested indecisive traders after two weeks of losses.

Source: xStation5

H4 chart

The DAX / DE30 rallies but the bears retain their advantage. The decisive factor was the downward impulse of 22 December (in purple), where short-term supports were broken. A rise above 14,085 points would brighten the outlook. However, key resistance is found much higher at 14,227 points. 

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany