The German benchmark index trades little changed on Thursday as intraday losses were recovered.

D1 chart

The DE30 has been fluctuating this week between the 23.6% and 38.2% retracement of the downward movement that began in November 2021. Yesterday, the index rallied for a second consecutive day, but most of the gains were given back (doji). The weakness may have signalled the start of a new downward impulse.

Source: xStation5

H1 chart

With the pre-market drop below yesterday afternoon’s low, sellers have the advantage again. The change in direction could signal the end of the upward correction. In order to reverse the downward trend in the daily chart, the high of May 5 at 14,318 points would have to be broken. A continuation of the downward trend is therefore most likely.

Source: xStation5