DE30: Sharp correction

The German leading index has been briefly set back.

W1 chart

The DAX / DE30 came close to the high for the year today, but shortly before that the index turned around and fell back. There was a false breakout in the previous week - a signal of weakness after a strong rally. However, that alone is not enough to trigger a sharper decline.

Source: xStation5

H4 chart

The DAX / DE30 rose strongly in the short-term, so that some imbalances arose - see rectangles. Therefore, there was a need for correction. After this morning's false breakout, the index fell back to 15,440 points. The most important support is the low at 15,386 points.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany