DE 30 Technical Analysis | DE 30 Trading: 2017-09-13 | IFCM UK
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DE 30 Technical Analysis - DE 30 Trading: 2017-09-13

Accelerating growth is bullish for German stock index

Accelerating manufacturing and services sectors expansion is bullish for German stock market. Will DE 30 continue rallying?

Euro-zone growth was upgraded last Thursday: euro-zone economy expanded 2.6% in the second quarter, up from the 2.5% rate of growth Eurostat estimated in August. Both manufacturing and services sectors of Germany accelerated expansion in August. European Central Bank was optimistic about euro-zone economy growth prospects. ECB President Mario Draghi indicated the central bank will reassess its stimulus program In light of improving economic data at tis October meeting. Improving euro-zone economic growth is bullish for German stock index DE 30.

DE 30

On the daily timeframe DE 30: D1 has been rising after hitting six-month low in the end of August. The price has breached above the resistance line.

We believe the bullish momentum will continue after the price closes above the upper boundary of Donchian channel at 12558. This level can be used as an entry point for placing a pending order to buy. The stop loss can be placed below the last fractal low at 11865.75. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. If the price meets the stop loss level (11865.75) without reaching the order (12558), we recommend cancelling the position: the market has undergone internal changes which were not taken into account.

Technical Analysis Summary

PositionBuy
Buy stopAbove 12558
Stop lossBelow 11865.75

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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