- European stock market indices erase early gains
- DE30 returns above 14000 pts
- BMW Group (BMW.DE) expands cooperation with Solid Power
Europe indices rose slightly during the last session before Christmas after losing nearly 1% on Thursday. Volatility is low as traders await US economic data pack including PCE inflation later in the afternoon could impact markets mood. Early in the session the healthcare sector was the top performer while luxury goods, real estate and tech were the biggest laggards. On the weekly basis, DAX is heading towards another loss. Cash sessions in Europe will not take place on Monday due to the holiday.
DE30 managed to climb above local resistance at 14025 pts, which coincides with 23.6% Fibonacci retracement of the last upward wave. If buyers manage to uphold current momentum, upward move may move towards recent highs at 14730 pts. On the other hand, if mood will sour after afternoons data releases, then another downward impulse towards support at 13615 pts may be launched. This level is additionally strengthened by 200 SMA (red line) and 100 EMA (purple line). Source: xStation5
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BMW Group (BMW.DE) and solid-state battery start-up Solid Power are expanding their joint development partnership. Solid Power Inc will provide the German automaker with intellectual property rights in order to start production of its solid-state batteries which are considered as a potential game-changer because, compared to popular lithium-ion or lithium iron phosphate chemistries, it theoretically offers greater range, less mass, and faster charging.
BMW Group (BMW.DE) stock bounced off key support at €78.55, which is marked with previous price reaction and 23.6% Fibonacci retracement of the last upward wave. As long as price sits above, retest of recent highs at €82.80 cannot be ruled out. On the other hand, if sellers manage to finally break lower, declines may deepen towards next support €7585. Source: xStation5
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