- European stock markets trade lower
- DE30 continues to move lower
- Infineon (IFX.DE) stock plunges despite upbeat quarterly results
European stock market indices launched today's cash session lower, extending Friday's downward move. Blue chips indices from Germany, France and the UK are trading around 1% lower dragged by global growth woes amid ongoing lockdowns and stringent health restrictions in China. Meanwhile Putin’s highly anticipated speech Victory Day focused on the reaffirmation of Russia’s causes, which calmed some expectations of a verbal escalation of the conflict.
DE30 launched today's session below Friday's closing price. Buyers attempted to push the index higher, however the upward move turned out to be short-lived and price returned to session lows below major resistance at 13600. As long as price sits below this level, another downward impulse towards major support at 13300 pts may be launched. This level coincides with lower limit of the wedge formation and 61.8% Fibonacci retracement of the upward wave launched in November 2020.Source: xStation5
Company news:
Infineon (IFX.DE), which is Europe’s largest chipmaker again lifted its 2022 revenue outlook, with a revenue forecast of €13.5 billion, which came €0.5 billion above February forecast, after Q2 revenues rose 4% from the previous quarter, as company benefits from a global shortage of semiconductors.
Infineon (IFX.DE) stock launched today's session higher, however buyers failed to uphold momentum and price pulled back to an upward trendline. Should break lower occur, downward move may accelerate towards support at €23.00 which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
Deutsche Post (DPW.US) shares plunged 7% amid broad risk aversion. Price broke below the lower limit of the triangle formation on Friday and started today's trading with a bearish price gap. If current sentiment prevails, support at €35.18, which coincides with 61.8% Fibonacci retracement of the upward wav launched in March 2020 may be at risk. Source: xStation5
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