DE30: Setback in the short-term upward trend

The German leading index is trying to stabilize on Thursday. 

D1 chart

The DE30 slipped below the 9-day moving average during yesterday's reversal, forming a bearish engulfing. Today, a first counter-reaction can already be observed. Despite the profit-taking, further price gains could be possible. Only a break below the support at 13,447 points would indicate an end of the short-term upward trend.

Source: xStation5

H4 chart

The smaller time unit shows that three important supports have been broken by the recent price decline - many buyers were stopped out as a result. The sell-off was stopped yesterday near the 61.8% retracement. However, a crossover of the moving averages could raise doubts that a new upward impulse will be started soon.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany