DE30 approaches 14,500 pts resistance

• European indices trade mostly higher

• DE30 approaches 14,500 pts resistance

• Delivery Hero jumps after updated guidance

European stock markets are mostly higher at the beginning of a new week. Following a strong drop at the beginning of the session, majority of blue chips indices from the Old Continent recovered and now trade slightly higher. Dutch AEX (NED25) is one of top performers, gaining 0.8%, while Spanish IBEX (SPA35) lags, dropping 0.3%. German DAX trades flat.

Source: xStation5

DE30 dropped at the beginning of today's cash session and retested local low from March 31 near 14,350 pts. Bulls managed to defend the area and a rebound can be observed now. The near-term resistance zone to watch can be found in the 14,500-14,550 pts area. This zone has seen numerous price reactions, the most recent one this morning. However, there are no major events or releases scheduled for today therefore a sideways move between 14,350 and 14,500 pts cannot be ruled out in the remainder of the day. Key short-term support can be found in the 14,200-14,250 pts area and is marked with the lower limit of local market geometry.

Company News

Stock of Delivery Hero (DHER.DE) rallies around 10% today following the guidance update.  Delivery Hero said that its Gross Merchandise Volume and Segment Revenue growth reached 30 and 53% YoY respectively in the first 2 months of 2022. Company said that it expects to generate positive adjusted EBITDA in full fiscal-2022 and continue to generate positive EBITDA in 2023 as well. Company also announced that it has launched a debt financing syndication equaling €1.4 billion that will be used to boost liquidity position.

Nordex (NDX1.DE) trades 5% lower today. Company informed on Sunday that it has been a target of cyberattack and decided to shut down IT systems in multiple locations to prevent further breach. Nordex said that the attack was detected at an early stage and appropriate measures were taken.

Analysts' actions

• Fraport (FRA.DE) rated "underweight" at Barclays. Price target set at €54.00

• Luftahnsa (LHA.DE) rated "underweight" at Barclays. Price target set at €5.20

Delivery Hero (DHER) launched today's trading with a big bullish price gap following release of updated guidance. Stock is trading around 10% higher today and above €45.25 price zone. Shares broke above the triangle pattern last week and a textbook range of this breakout points to a possible upward move to as high as €56.05. Source: xStaion5