DE30: Recovery in a downward trend

The German benchmark index tested the psychological mark of 14,000 points on Thursday.

D1 chart

The DE30 continues its recovery course, gaining around 3% or 400 points since the weekly low reached yesterday. Despite the strong efforts of the bulls, the rise represents only an upward correction in the short-term downtrend. A break above the high at 14,182 points would improve the technical situation.

Source: xStation5

H1 chart

After breaking above the local high at 13,861 points, the DE30 shows a bullish structure - moreover, the moving averages were broken. Nevertheless, the decisive factor for a change in direction is the reaction at the above-mentioned resistance. As long as the support at 13,824 points (local low) holds, at least a test would be possible.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany