GER40 holding above 25000, but for how long?
Watching $GER40 this morning, we're currently hovering around 25127, right off the daily high of 25151. It's an interesting spot because 25000 has acted as a pretty solid psychological and technical support for a while now. The concern I have is the repeated tests of that level. Each touch erodes its strength a bit. If we see a clear break and sustained close below 24985.5, which was today's low, I'd consider that a significant invalidation of the current bullish sentiment holding this range. My read is we might be building for a move, but the direction is still uncertain, contingent on how that 25k support holds up under pressure later in the session or week.
I'm with you on the concern about repeated tests. It feels like a stretched rubber band. Are you looking at any particular economic indicators or news that might be putting pressure on it right now?