German stocks bounce off trend line

Source: Dukascopy Bank SA


Since the last review of the top 40 German stock index on July 20, the index managed to reach above the resistance of the 13,500.00 mark. However, eventually, in mid-August the shares bounced off the resistance line, which connects the 2022 January and June high levels. The event was followed by a decline, which by August 23 had reached below 13,200.00.

A continuation of the stock decline might look for support in the 13,000.00 mark, prior to approaching the 2022 low level zone and the 12,500.00 level. Further below, note the 12,000.00 and 11,500.00 levels

If the German economy avoids a major recession and the index recovers, expect the zone below 13,500.00 and the 50-day simple moving average to slow down a potential recovery. Higher above, the 2022 descending resistance line might cause another decline.
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