The price of the German DE40 index continues its upward movement today. Recent two D1 candles are hammer formations. Although these types of formations should appear after downward move, yes they have a demand meaning. According to the clasics of technical analysis, another upward impulse should be on the cards. From the perspective of the broad time interval, the price may be heading currently towards the exterior Fibonacci measures – 127.2% and 161.8%. On the other hand, should a downward correction occur, the zone at 23500 points remains an important support.
DE40 D1 interval. Source: xStation5
Looking at the lower time frame – H1, thee price, as expected, reached the zone of 24365 points, where sellers appeared. The correction also stopped at the aformentioned earlier horizontal support at 24200 points. The upward sequence has been maintained, so further upward move is possible. However, should the correction be extended, the next important support zone is located in the area of 24090 points.
DE40 H1 interval. Source: xStation5
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