CFD Update: GER30 on the recovery trail as tensions ease
We’re seeing a solid momentum shift today as news hit that some Russian troops have been returned to bases. This ease in mentions is driving risk buying after what has been a sorry few days for buyers as prices plunged on worries Russia was close to invading Ukraine.
On Friday, GER30 returned to LT support, a level that has held for buyers since May 2021. Above that, we are also looking at a shorter-term level of support seen at 15,030. On top of the levels, we can also see a double bottom and the Williams Percent Range Indicator has crossed the midpoint range. While these technical indicators look great, the meat in this sandwich is the continued ease mentioned. This fact, in our opinion, is key to seeing this current rally turn into something more.
If we do see a continuation of buying as the European situation improves, we would look for GER30 to continue tracking higher, and we would look at 15,601 as possible resistance if reached which lines up with the longer-term 86ema.
GER30 D1 Chart 
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