GER30 are sellers starting to take control?
Hi, and welcome to Friday’s update. In today’s video, we are focusing on the GER30 daily chart. The price action and the OBV indicator are starting to show signs that sellers could be gaining short-term control over the market.
Looking at the price we can see that buyers made a failed breakout attempt, and sellers came in strong on the next session with an engulfing bar. Yesterday buyers held a rally but closed well-off highs showing plenty of rejection. Today, sellers have started a new move but still have a little work to do. We would like to see sellers continue to push lower and break the support seen at 13,640. A break and close below yesterday’s low could be the trigger for a new leg lower if sellers can hold the move.
If buyers can regain control and close the price back above 13,750, we would be looking for more evidence before we continue to think that the market is set to break lower.
What are your thoughts? We also like to hear feedback from our readers. Thanks for stopping by. We hope you are all enjoying your Friday and good trading.
GER30 Analysis Video