CFD News: GER30 could be starting a new leg higher
Today we are looking at the GER30 daily as buyer momentum continues to drive forward this week, with price breaking the medium-term downtrend in today’s session.
It’s been a decent week so far for stock indexes. Buyers continue to hold sway with another solid rally in today’s session. Buying is widespread across the CFD indexes and is part of a broader risk on the move that has seen risk currencies and crypto coins pushing into the green.
The GER30, after setting its last LL in March, has shown us a bullish signal with a new HL in May. Since that point, we have seen the current rally test and break the medium-term downtrend. These are good signs from buyers at the moment, but we would like to see the next step taken with a new HH put in. We would also like to see that HH hit above the last LH, which would continue to confirm the trend break. If buyers can achieve this, we would then like to see a new HL maintaining a new normal short-term uptrend.
14,555 could come in as resistance if reached, but new HLs after retracements will keep the idea in play. A failure to set a new HH and a slip back into the downtrend is a worry. A new move lower that breaks the last HL basically discounts the bullish signs we are watching and discussing above.
GER30 D1 Chart 
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.