DE30 drops below the resistance zone 14 575 points | News

  • European stock markets are trading higher
  • The DE30 drops below the resistance zone of 14,575 points
  • Allianz found buyers for a majority stake in Russian business

European stock markets are trading higher in the last session of the week. However, the indices in the old continent have withdrawn from their daily highs and are now only slightly above yesterday’s closing prices. The Polish WIG20 (W20) is one of the best and is currently ranked 0.7% higher. Traders should note that indices may experience a short-term increase in volatility just ahead of the US employment report (14:30 GMT).

Source: xStation 5

The technical situation of the DE30 hardly changed over the last day. The German index managed to test the resistance zone again around 14.575 points and even rose above it for a while. However, the bulls did not manage to maintain these increases and the DE30 fell today below the recorded zone. Much will now depend on whether the decline will be only a short one or the index will come back below zone 14,575 for a longer period of time. In the latter case, a retreat towards the last hole around 14,330 points cannot be ruled out. SMA 200 in the H4 chart (purple line) and the lower boundary of the Overbalance structure in the 14,050 area represent an important short-term support.

corporate news

this Alliance (ALV.DE) agreed to sell a majority stake in her Russian company to Interholding. Allianz will remain in possession of 49.9% of the company’s shares. Financial details were not released, but Allianz said the sale would have a negative impact on the income statement of € 400 million.

According to a report in Handelsblatt Fresenius (FRE.DE) in the subsidiary Kabi, the reduction of employment by approximately 5%, which corresponds to approximately 2,000 jobs. It is said to be part of the cost cutting program.

Reuters reports that Rheinmetall (RHM.DE) made a non-binding bid for a minority stake in the unit of the Italian defense contractor Leonardo. The offer concerns participation in a unit producing small and large caliber weapons for the Navy. Rheinmetall values ​​this share at 190-210 million euros.

Analyst ratings

  • Baader Helvea classifies Brenntag (BNR.DE) to buy”. The target price has been set at EUR 102.00.
  • Wacker Chemie (WCH.DE) will be modernized by the Socit Gnrale aufhalten ”. The target price was set at EUR 173.00.
  • Warburg degrees Rheinmetall (RHM.DE) to buy”. The target price was set at 240 euros.

Brenntag (BNR.DE) started trading in positive terms today thanks to an update by Baader Helve. However, after the session opened, the rate started to decline again. The levels to watch in the short term are support around $ 70 and resistance around $ 74, marked with a downtrend line. Source: xStation 5

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