XM Group - Analytics

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    Technical Analysis – German stock futures find resistance below 200-day MA

    German stock futures (GER30) have rallied about 18% since the September 29 low of 9299.80. However, prices remain south of the 200-day moving average, finding resistance just below it at 11056. The index remains 12% down from its all-time high of 12433.40 it set on April 13.

    The near term bias is looking bullish with RSI holding strongly above 50 and the tenkan-sen and kijun-sen lines positively aligned above the Ichimoku cloud. The next resistance for GER30 is 11100. A break above this level would take prices above the 200-day moving average, which is needed to sustain the bullish bias in the medium term.

    To the downside, the top of the Ichimoku cloud is the nearest support level at 10484.55. A fall into the cloud would shift the bias back to neutral.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.

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