German stocks struggle to pass high level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The German top 40 stock index has been struggling to pass the 16,300.00/16,500.00 range. In general, the 16,300.00 level marks the 2021 high level. The index approached the high level and bounced off it in May. In June, the price shortly touched the 16,430.00 level.

During the late part of June, the index bounced off the resistance and has returned to the support zone at 15,640.00/15,730.00. The support zone appears to have caused a recovery up to the combination of the 50-day simple moving average and the 16,000.00 mark.

A move above 16,000.00 could result in a test of the 16,300.00/16,500.00 range. Higher above, the index would book new all-time-high levels. In theory, round levels might act as resistance.

On the other hand, a decline of the German stocks would first look for support in the 15,640.00/15,730.00 range, prior to approaching the 15,000.00 mark and the support and resistance zone below it.
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Thu, 29 Jun 2023 13:20:31 GMT

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