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DE30 continues to trade below key resistance

11:38 16 November 2020
  • European markets launch new week higher

  • DE30 swings between 13,250 pts zone and 50-hour moving average

  • Delivery Hero (DHER) with conditional approval for Woowa acquisition

European markets are trading higher at the beginning of a new week. Strong bullish impulse was provided over the weekend when 15 ASEAN countries concluded years-long negotiations and signed the biggest free trade agreement in history. Asian markets rallied during Monday's trading and other parts of the world are following suit.

Economic calendar is empty and traders can expected today's trading to be driven by overnight news as well as speeches from central bankers (i.e. Lagarde at 1:00 pm GMT). Earnings calendar is empty as well as all the major companies have already released their Q3 results.

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Source: xStation5

Following a brief drop below the 50-hour moving average (green line), DE30 climbed back above this hurdle. A steep drop that occurred shortly after opening of today's European cash session resulted in a test of the aforementioned moving average and it has once again acted as a support (orange circles). However, the index also made another test of the 13,250 resistance zone over the night and has failed to break above it for the fourth time during the past 7 days. This shows that resistance in the area is very strong. On a positive note, DE30 has painted three consecutive higher lows signalling that bulls are still at advantage. Should we see a successful break above 13,250 pts, upward move may accelerate.

Company News

Delivery Hero (DHER.DE) said it has received recommendation from the Korea Fair Trade Commission (KFTC) related to the pending acquisition of Woowa Brothers, South Korean food delivery company. KFTC said that divestment of 100% of Yogiyo, Delivery Hero's business in South Korea, is a condition for the approval of Woowa acquisition.

Delivery Hero (DHER.DE) managed to halt a drop triggered by recent coronavirus news and rotation out of 'pandemic winners'. Share price drop below 50-session moving average (green line) used to be a buying opportunity recently and investors treated it as a buy signal on Friday as well. The near-term resistance to watch is marked with the upper limit of recent trading range at €104. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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