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DE30 eyes a test of 61.8% retracement in 13,400 pts area

10:28 13 June 2022
  • European indices trade lower

  • DE30 tests support zone near 61.8% retracement

  • Beiersdorf sees full-year revenue near upper limit of guidance

European stock market indices are trading lower during the first trading session of a new week. Poor showing of US equities on Friday as well as downbeat trading in Asia today set the stage for a poor start of a new week in Europe. Dutch AEX (NED25) is European worst performer today with a 2.6% drop. However, German DAX (DE30), French CAC40 (FRA40), Polish WIG20 (W20) and Italian FTSE MIB (ITA40) are also trading down 2% or more. 

Source: xStation5

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German DE30 deepens downward move with an over-2% drop today. The index tested a support zone ranging around 61.8% retracement of the latest upward impulse but failed to break below. Bulls managed to push the price off the daily lows but, still, DE30 trades deep in red on the day. A break below the aforementioned retracement in the 13,400 pts area may pave the way for a retest of early-March lows near 12,500 pts. However, traders should keep in mind that a number of central banks' rate decisions are scheduled for the later part of the week, including decisions from the FOMC and Bank of England, and those may have a big impact on market sentiment.

Company News

Vincent Warnery, CEO of Beiersdorf (BEI.DE), said that he expects 2022 revenue to come near the upper limit of the company's own guidance. Beiersdorg plans to achieve above-market growth in organic sales in the medium term as well as expansion of EBIT margin by 50 basis points each year, starting from 2023. Warnery said that Beiersdorf will look for M&A opportunities to fill gaps in its offering.

Adidas (ADS.DE) sued its US rival Nike over alleged patent infringements. Adidas claims that Nike has infringed its patents with mobile applications and shoe-fitting technology.

DHL, subsidiary of Deutsche Post (DPW.DE), expects the global supply chain situation to stabilize in 2023 as it sees port congestion easing with more container vessels becoming available and demand for shippers weakening.

A recent upward spike on Beiersdorf (BEI.DE) faded and stock returned below the upper limit of €94.50-97.50. However, bulls are not giving up and another attempt of breaking above €97.50 can be observed today. The nearest resistance zone to watch, in case gains continue, can be found ranging below €99.50. 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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