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Technical Update - GER40

Equity 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

GER40 cfd/future broke the strong support at around 14,830 with a bang yesterday after the release of PPI numbers dropping more than 5% bouncing within few points from the 1.382 projection of the Q4 2021 peaks.

GER40 d 22 feb
Source: Saxo Group

Downtrend on weekly time period now seems to be confirmed despite a bounce this morning further sell off should be expected. However, if the week closes above 14,830 the strong bear scenario is on hold.
If the selling pressure continues, there is not strong support before 13,390 with minor support around 14,085. 

GER40 w 22 feb
Source: Saxo Group

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