Tuesday, February 7, 2023

DE30: Recovery, but without trend reversal

The German leading index remains in the last week of 2022.

W1

The DAX/DE30 rose 0.54% on Thursday and returned above the psychological mark of 14,000 points. In the past week, the index turned around just before EMA21 and formed a Doji, a candlestick that suggested indecisive traders after two weeks of losses.

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Source: xStation5

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DAX/DE30 up but bears hold on to gains. The deciding factor was the bearish momentum on December 22 (in purple), where short-term support was broken. An upside move above 14,085 will improve the outlook. However, the key resistance lies much higher at the 14,227 mark.

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Source: xStation5

Maximilian Vinke, CFTE
XTB Germany

“This report is provided for general information and educational purposes only. No opinion, analysis, price or other material constitutes investment advice or recommendation under the law of Belize. Past performance does not necessarily indicate results.” and any person acting on this information does so at his own risk. XTB will not accept liability for any loss or damage, including without limitation any loss of profit, whether direct or indirect may arise from the use of or reliance on such information. Contracts for Difference (“CFDs”) are leveraged products and carry a high degree of risk. Make sure you understand the associated risks.”

Nation World News Desk
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