Germany 40 index reveals pattern

Source: Dukascopy Bank SA


During April, the Germany 40 index has continued to decline from the resistance zone at 14,830.00/14,950.00. During the review conducted on May 6th, it was spotted that the stock index has been declining in a channel down pattern. Most recently, the stocks bounced off the upper trend line of the pattern and declined to once again look for support in the early 2021 low levels near 13,570.00/13,650.00.

A move below the 13,570.00 level is almost immediately going to approach another support zone. Namely, the late 2020 high and 2021 low level zone at 13,275.00/13,465.00 is highly likely to act as support. Further below, take into account the lower trend line of the channel down pattern, the 13,000.00 and the 12,500.00 levels.

On the other hand, a potential German stock market recovery would have to break the channel down pattern's upper trend line and reach above the 14,200.00 mark, before approaching the 14,830.00/14,950.00 zone. In addition, note the 50-day simple moving average, which has shown to be capable of providing short term resistance and support.
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