Germany 40 index returns to March highs

Source: Dukascopy Bank SA


The April and May descending channel pattern was broken on May 20. The German stock index afterwards confirmed the previous resistance line as support, before starting a surge. By the start of June, the stocks were approaching the March high level zone at 14,825.00/14,940.00. Meanwhile, the resistance zone was being approached by the 200-day simple moving average near 15,000.00.

If the resistance zone holds, the index might look for support in the early 2021 high level zone near 14,100.00/14,200.00 and the 50-day simple moving average. Further below, take into account the 13,650.00 level and the 13,280.00/13,465.00 zone.

On the other hand, a move above the 15,000.00 mark is highly likely going to encounter resistance in the 15,500.00 and 16,000.00 levels.
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