DE30 tests 61.8% retracement in the area of ​​13,400 points | News

  • European indices are weak
  • The DE30 tests support a zone of nearly 61.8% retracement
  • Beiersdorf sees year-round sales close to the upper end of the forecast

European stock indices are falling in the first session of the new week. Weak US stocks on Friday and weak trade in Asia set the stage for a poor start to the new week in Europe. The Dutch AEX (NED25) performed the worst in Europe today, losing 2.6%. But the leading German (DE30), French CAC 40 (FRA40), Polish WIG20 (W20) and Italian FTSE MIB (ITA40) indexes also recorded minus 2% or more.

Source: xStation 5

The DE30 in Germany continues its downward trend with over 2% decline. The index tested the support zone near the 61.8% retracement of the latest gain, but failed to break below it. The bulls managed to push the price off the daily lows, but the DE30 is deep in the negative every day. Breaking below the above-mentioned mark in the 13,400 area could pave the way for a re-test of the 12,500 low in early March. However, traders should bear in mind that there are several central bank decisions on interest rates ahead of us later this week, including the FOMC and the Bank of England, which can have a big impact on the market sentiment.

corporate news

Vincent Warnery, CEO Beiersdorf (BEI.DE)He said he expected sales in 2022 to be close to the upper end of the company’s own forecasts. In the medium term, Beiersdorf plans to achieve supra-market organic sales growth and an EBIT margin increase of 50 basis points annually from 2023. Warnery said Beiersdorf will be looking for M&A opportunities to fill the gaps in its offering.

Adidas (ADS.DE) sued his US rival Nike for alleged patent infringement. Adidas says Nike has infringed its patents for mobile apps and shoe customization technology.

DHL, subsidiary German Post (DPW.DE)expects the global supply chain to stabilize in 2023 as port congestion will decrease as more container ships become available and demand from freight forwarders slows down.

The recent uptrend from Beiersdorf (BEI.DE) has died down and the stock has recovered below the upper limit of EUR 94.50-97.50. The bulls, however, are not giving up and today you can see another breakout attempt above $ 97.50. Another area of ​​resistance to watch out for if gains continue is below $ 99.50. Source: xStation 5

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