DE30: Short-term trend reversal or false breakout?

The German benchmark index is in recovery mode on Thursday.

D1 chart

The DE30 recovers and in the afternoon breaks through the local high at 15,154 points, which was formed on Tuesday (daily closing price). Thus, the short-term trend structure starts to change, signaling an upward correction for now. To end the major downward trend, a breakout above the high at 15,644 points would be necessary - this is where the last downward impulse began.

Source: xStation5

H1 chart

The smaller time frame shows that the DE30 was able to recover in a V-shape from the recent losses. Starting from the high of 15,190 points reached on Tuesday, the German benchmark index had briefly lost 400 points, falling to its lowest level since the end of March. For the further course of the session, the following must be answered: trend reversal or false breakout?

Source: xStation5

Maximilian Wienke, CTFe
XTB Germany