Daily GER30 Analysis (Left Chart)
- On Monday, the GER30 closed in its bullish channel between the upper blue and red band.
- Since then, it has maintained and consolidated this position.
- The red Bollinger bands are starting to expand (black ellipses), suggesting an expansion in volatility.
- The daily RSI is above 50 and bullish (blue rectangle).
- This suggests an underlying bullish momentum is present.
Hourly GER30 Analysis (Right Chart)
- The trend-following indicators are developing angle and separation to the upside (red ellipse).
- The stochastic is sustaining in its upper quintile (green rectangle).
- The longer the momentum-based oscillator maintains this position, the greater the likelihood for a higher index ahead.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.