GER30 Investors Strive to Break Above Historical High Level
PrimeXBT is here again with another technical analysis breakdown, and today we are taking a look at the GER 30.
The Germany 30 Index has continued to churn sideways above the 12900 key medium-term pivotal support and slightly below its strong resistance that exists around its all-time highs near 13590.
The price action combined with the Relative Strength Index is staying strong, but GER30 has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend or valuation adjustment could soon follow.
In addition, given the bearish configurations seen in the S&P 500, we don't have the conviction to maintain the bullish bias for the Germany 30 Index. Thus, its trend will likely turn neutral at this juncture between 13590 and 12900. A break below 12900 and the middle line of the rising channel validates a potential corrective decline below the 12500 levels.
On the flip side, only a daily close above 13600 opens up the gates for a further rally to target the next resistance at 14550, which is a 1.272% Fibonacci level and upper boundary the large ascending channel.
Once the price reaches the resistance 1.272% Fibonacci level, a rejection could cause a fall to the previous all-time high level.
We appreciate the continued support that PrimeXBT has received from readers and traders like you, and hope you have great success with all your future trades!
The Germany 30 Index has continued to churn sideways above the 12900 key medium-term pivotal support and slightly below its strong resistance that exists around its all-time highs near 13590.
The price action combined with the Relative Strength Index is staying strong, but GER30 has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend or valuation adjustment could soon follow.
In addition, given the bearish configurations seen in the S&P 500, we don't have the conviction to maintain the bullish bias for the Germany 30 Index. Thus, its trend will likely turn neutral at this juncture between 13590 and 12900. A break below 12900 and the middle line of the rising channel validates a potential corrective decline below the 12500 levels.
On the flip side, only a daily close above 13600 opens up the gates for a further rally to target the next resistance at 14550, which is a 1.272% Fibonacci level and upper boundary the large ascending channel.
Once the price reaches the resistance 1.272% Fibonacci level, a rejection could cause a fall to the previous all-time high level.
- Support level: 12900
- Resistance level: 13590
- Day's range: 13361.8 — 13508.0
We appreciate the continued support that PrimeXBT has received from readers and traders like you, and hope you have great success with all your future trades!
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