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GER30 Investors Strive to Break Above Historical High LevelPrimeXBT 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. 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!
FOREXCOM:GER40Short
by PrimeXBT