DE30: Selling pressure eases, but chart remains fragile

Important decision in the short-term support area.

D1 chart

The DE30 continues to fall on Thursday, hitting a strong area of support for the second time this week: the 9-day moving average and the 13,000 mark below it. Tuesday's sudden reversal and trading below the 50-day moving average could be interpreted by the bears as a potential signal for a new major sell-off.

Source: xStation5

H4 chart

The DE30 has been trying to stabilize around the 61.8% retracement of the previous rally since yesterday, which started exactly a week ago. The bulls could therefore classify the recent price decline as a strong correction. But the fact that the index is trading below the moving averages and a crossover is looming may add further skepticism to some investors.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany