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Indices | GER30 Set For a Breakout?

Published: 16.05.2023
by Joseph Jeffriess

Today’s focus GER30

Pattern – Range – diagonal consolidation pattern

Possible targetsUpside, 15,985 – 16,160; Downside, 15,718 – 15,530

Support – 15,740

Resistance – 15,965

Hi, and thanks for looking at today’s update. Our focus is on the GER30 as the price sits in a range but has also formed a wedge/diagonal pattern that could signify movement to come. It’s an interesting set-up as even if we see a break of the pattern price still has the range to contend with.

US futures are lower, and we are seeing the GER30 lower at this stage, so could we see a move lower today? If so, sellers will need to break support to get a breakout really going. On the other hand, buyers will need to do the same to resistance to get their move going.

US Retail Sales could play a part. It’s due Wednesday at 10:30 pm AEST (8:30 am EST)

GER30 analysis video

Thanks for stopping by. Good trading, and have a great day.

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