News & Analysis
Eightcap CFD technical insights; GER30 Focus 18/04/18
Traders the GER30 is currently leading the pack being the only major indices to have returned to test February highs. The FRA40 has come close but still has 15 points to rally.
Monday was a shocker as sellers took price 115 points lower. These loses were very short lived as positive earnings sent buyers back into battle on Tuesday with a 200 point rally to make the first test of February’s 12,612.02 high. Weaker Zew Business Confidence figures failed to halt buying despite showing a 6 year low.
Buyers have retested highs in today’s out of hours session. A break of this level could set up a test of 12,735 supply zone which has been untouched since the 5th of February. We feel that buyers may make a breakout attempt that may fail and become a pullback. If we do have a pullback, the true breakout attempt may come when buyers finish regrouping. It’s going to be an interesting few days coming up.
Good Trading from Eightcap.
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