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The German stocks have passed below the summer low level zone and 15,500.00 level. Moreover, it appears that the index has formed a descending channel pattern that has guided it down since the end of July.
In the near term future, the stocks could look for support in the 15,000.00 mark and the lower trend line of the channel down pattern. In the case of these support levels failing, the index could reach for the 2022 high and 2023 low level zone at 14,460.00/14,710.00.
However, in the case of a stock recovery, note that the summer low level zone could turn into resistance at 15,450.00/15,550.00. Higher above, note the combination of the 50 and 200-day simple moving averages and the upper trend line of the channel pattern.
Wed, 27 Sep 2023 15:27:03 GMT
Source: Dukascopy Bank SA
The German stocks have passed below the summer low level zone and 15,500.00 level. Moreover, it appears that the index has formed a descending channel pattern that has guided it down since the end of July.
In the near term future, the stocks could look for support in the 15,000.00 mark and the lower trend line of the channel down pattern. In the case of these support levels failing, the index could reach for the 2022 high and 2023 low level zone at 14,460.00/14,710.00.
However, in the case of a stock recovery, note that the summer low level zone could turn into resistance at 15,450.00/15,550.00. Higher above, note the combination of the 50 and 200-day simple moving averages and the upper trend line of the channel pattern.