Germany 40 index finds support in 2022 low

Source: Dukascopy Bank SA


During early July the German top 40 stock index looked for and eventually found support in the March 2022 low level zone at 12,430.00/12,475.00. During mid-July the stocks recovered and by July 20, the index was testing the resistance of the 13,280.00/13,460.00 zone, which marks the late 2020 highs and 2021 low levels. In addition, resistance was provided by the 50-day simple moving average.

A move above the 13,465.00 level is highly likely set to result in the index reaching the 14,000.00 mark and the trend line, which connects the 2022 decline's high levels. Higher above, note the 200-day simple moving average and the 14,500.00 level.

However, a move below the 12,430.00/12,475.00 zone could look for support in the 12,000.00 and 11,500.00 levels, before reaching the late 2020 low level at 11,380.00.
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