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European stock markets trade mixed
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DE30 pulls back from 15,975-16,000 pts resistance zone
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Deutsche Bank fined €8.6 million by BaFin
European stock markets trade mixed following a downbeat Asian session. Blue chips indices from Germany, the Netherlands, Spain and Italy trade lower while equities from UK, France, Poland and Portugal gain. Trading ranges have been narrow so far amid light newsflow. Markets are expected to remain somewhat muted until New Year.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 extended upward move yesterday but advance was halted ahead of the resistance zone ranging between 15,975 and 16,000 pts. The area is additionally strengthened by the 78.6% retracement of the downward move launched at the end of November 2021. A point to note is that the index has made few brief corrections during the ongoing upward impulse therefore current slight pullback may just be another one of those. Lower limit of the local market geometry (range of the largest correction) can be found near the support zone at 61.8% retracement (15,780 pts) and should be considered a key near-term support. Liquidity is thin and big market moves occured in previous days during opening of the Wall Street session (2:30 pm GMT) so traders should keep on guard in the early afternoon.
Company News
Deutsche Bank (DBK.DE) was fined €8.66 million by German financial watchdog BaFin. The German lender was fined for insufficient supervision of operations that participated in the Euribor setting.
RWE (RWE.DE) announced a partnership with Audi to develop and test an innovative energy storage using used electric vehicle batteries. Companies began test operations in November 2021 and the pilot project is aimed for a storage capacity of around 4.5 megawatt hours. RWE expects to start marketing storage from used batteries at the beginning of 2022.
Shares of Deutsche Bank (DBK.DE) are pulling back after a failed attempt of breaking above the upward trendline and 61.8% retracement of downward move launched in late-October. Stock dropped back below €11.25 and is looking towards short-term support at 50% retracement (€11.15). Source: xStation5
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