The German benchmark index broke through the lower limit of the rising wedge for the third time in May, but the support at 15,090 points prevented a sharper decline.
M30 chart
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Open account Try demo Download mobile app Download mobile appToday's trading session is proceeding much more calmly compared to the previous two. After Tuesday's rise to the ATH turned out to be a bull trap, the DE30 had briefly extended its weekly losses almost to 4% - now some easing is seen. However, to break the downtrend structure, the high of the last downward impulse (upper limit of the red rectangle, 15,220 points) would have to be overcome. The area also coincides with the most important swing level since last week.
Source: xStation5
D1 chart
The DE30 corrected through yesterday's decline to the 78.6% retracement of the recent upward impulse (see chart), briefly undercutting the support at 15,090 points. This is the third time this month that investors used the setbacks for new entries. As long as the index does not leave the broad range (14,800 to 15,550 points) to the downside, the price could continue to trade sideways or prepare another attack to reach a sustainable record high this time.
Source: xStation5
Maximilian Wienke, CFTe
XTB Germany
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