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DE30 recovers from false breakout

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September 13, 2021

DE30 trades 1.5% higher as recovery move continues


DE30, as well as other European indices, enjoy big price gains at the start of a new week. Asian and European sessions have been rather quiet in terms of data and it looks like the move may have a technical background. Taking a look at the DE30 chart we can see that the index is recovering following another false, downside breakout (orange circles). Index plunged below the lower limit of its recent trading range last week but bears failed to sustain the move. Spinning top candlestick was painted on the daily chart on Thursday and DE30 started to regain ground. Index is trading a touch below 15,800 pts at press time. A point to note is that the previous false breakout was followed by a move towards fresh all-time highs.

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