DE30: Small correction after dynamic price increase

The German benchmark index has interrupted its rally and corrects a small part of its recent gains.

D1 chart

The DE30 continues to pull back on Thursday after forming a short-term double top yesterday above the 61.8% retracement of the correction triggered by the new Corona variant Omicron. An end-year rally is possible as long as the low reached in October (14,795 points) is not broken.

Source: xStation5

H1 chart

The hourly chart shows that today the DE30 fell below the local low (15,680 points) or the lower limit of the falling triangle pattern. This means that the short-term structure is bearish within the long-term upward impulse initiated with the December 3 low.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany