- European stock markets trade higher
- DE30 tests 13,880 pts area
- Deutsche Telekom (DTE.DE) posted better than expected earnings
Major European bourses rose over 1% on Friday, rebounding from last session’s decline, as investors continued to assess the Fed’s outlook for the year after Chairman Powell signaled 50 bps rate hikes for the next two meetings and Chinese politics hinted Beijing would not be under lockdown. Across sectors, banks, oil & gas, and technology shares are top performers. On the data front, industrial production in the Euro Area fell 1.8% mom in March of 2022, the biggest decline in nearly a year and below analysts’ estimates of a 2% decline, as the effects of the war in Ukraine.
DE30 launched today's session higher and is currently testing major resistance at 13880 pts which is marked with upper limit of the 1:1 structure, previous price reactions and 50.0% Fibonacci retracement of the upward wave launched in November 2020. As long as price sits below this level, another downward impulse towards support at 13600 pts may be launched. On the other hand, if current sentiment prevails, an upward move may accelerate towards next resistance around 14200 pts. Source: xStation5
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Deutsche Telekom (DTE.DE) posted upbeat quarterly results on Friday, thanks to solid performance of its US unit, T-Mobile, along with growth in its European business. The telecommunications giant lifted its full-year outlook. Company reported adjusted earnings of 9.87 billion euros, beating analysts’ expectations of 9.55 billion euros. Revenue rose by 6.2% to 28 billion euros, slightly above market projections of 27.87 billion euros. "This was a strong start to the new year," CFO Christian Illek said in a statement. "We are continuing to grow on an organic basis and are therefore in a position to raise our guidance for 2022."
Deutsche Telekom (DTE.DE) stock rose slightly after the company posted better than expected quarterly figures and is currently testing the upper limit of the ascending channel. Should break higher occur, upward move may accelerate towards all-time high at €19.00. On the other hand, if sentiment deteriorates again, nearest support to watch lies at €17.80. Source: xStation5
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