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European markets trade higher on Thursday
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DE30 revisited 14,000 pts area but pulled back
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Egypt review high-speed railway agreement with Siemens
European markets are trading higher on Thursday as moods are being supported by reports saying that Joe Biden will propose a $2 trillion economic package today. DE30 managed to climb towards the 14,000 pts area but failed to stay there for long. A slightly better-than-expected German GDP report for 2020 was released earlier in the day that showed 5% contraction compared to 5.1% estimate.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 managed to halt yesterday's declines at the 13,875 pts support zone. Index bounced off the area and continued to recover from an early-week downward move. DE30 has managed to climb towards 61.8% retracement at 14,000 pts. However, upward move has stalled there as bulls were unable to produce a meaningful break above so far. A pullback can be observed at press time with index dropping below the 13,980 pts. Should we see continuation of the downward move and a break below the swing area at 13,950 pts (daily lows), it could be a strong hint that the index is about to maintain its previous trading range. Traders should keep in mind that there are some potential risk events ahead - Powell's speech at 5:30 pm GMT and Biden's speech after midnight (0:15 am GMT).
Company News
Allianz (ALV.DE) said that it will aim to cut emissions by a quarter in its equity and corporate bond portfolios by 2025. Insurance company plans to achieve climate neutrality of policyholder funds by 2050.
Egypt said that it is reviewing the final agreement with Siemens (SIE.DE) over construction of high-speed electric railway. Agreement assumes that Siemens will build 1,000 kilometers of the railway for $23 billion. Construction is expected to begin immediately after the review and the initial phase involving 15 stations is expected to be finished within 2 years.
Shares of Siemens (SIE.DE) painted a double top in the €125.40 area. Stock is making a pullback and has broken below the 50-hour moving average. Should we see a break below recent local low at €121.90, a bigger downward move may follow. In such a scenario, potential range of the double top pattern hints at a pullback towards the €118.35 area. Source: xStation5
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