The German benchmark index extends its gains on Thursday and reaches a new monthly high.
The DE30 is in an ABC correction after taking advantage of the regained zone between 15,000 and 15,063 points, almost reaching the 61.8% Fibonacci retracement of the downward impulse that started three weeks ago. Technically, sellers could become more active again. To reverse the downward trend, the index would have to break the resistance zone between 15,648 and 15,740 points.
In the hourly chart, the DE30 is already back in an uptrend after the October 5 high was broken and the new structure was confirmed by higher highs in the following trading days. As the much-watched price zone between 15,174 and 15,231 points now serves as a support area, it should ideally not be broken. This offers room for a correction to the 50% retracement.
Maximilian Wienke, CFTe