GER30 D1 06 29 2020 1429

 

The psychologically imposing 12,000-handle is providing a temporary level of support for the German benchmark index as price consolidates within a Symmetrical Triangle pattern.

With resistance at the 78.6% Fibonacci (12,572) proving impenetrable in the last two weeks of trade, the path of least resistance remains to the downside, with support at the 61.8% Fibonacci (11,586) acting as the last line of defence.

The momentum indicator tentatively reinforces the bearishness seen in recent price action as it nudges into negative territory for the first time since mid-May, whilst the RSI hovers above the neutral reading of 50.

A break through triangle support could trigger a surge of selling pressure, with a key region of interest falling at the 50-day moving average (11,461) and April high (11,340).

 

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