Market Update: GER30 Remains Hemmed at Resistance
Today traders, today we’re looking at the daily GER30 as buyers continue to stall from key resistance. This level remains a key obstacle for the current uptrend.
Key resistance has continued to develop from 15,755 on the GER30. Overnight we saw the latest failed attempt from buyers to beat the level after sellers faded the move once price entered. For now, there looks to be plenty of fresh supply waiting for buyer moves. Buyers look to be continuing to grind the current trend higher. Yet until we see a break consolidation could continue as price tries to work out who holds control.
Adding to the picture is an ascending triangle pattern that remains in play. These patterns in uptrends are normally seen as bullish continuation patterns but breakout confirmation is required to give the trader direction bias.
Today’s session will be a focus for us, will we see price continue to consolidate? A break higher that can close above resistance suggests buyers hold momentum and that we could see the overall uptrend continue. A break lower out of the current ascending triangle pattern could be a warning that sellers could be looking to test out buyer confidence.