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European indices trade higher
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DE30 tests 14,575 pts resistance zone
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Siemens wins €8.1 billion high-speed rail contract
European stock market indices are trading higher at the beginning of a new week. Risk assets got a boost after Chinese authorities announced easing of restrictions in Beijing and Shanghai. Gains can be spotted on equity, commodities and cryptocurrency markets. Traders should keep in mind that liquidity may be thinner this afternoon as US investors will be off to observe Memorial Day holiday.
Source: xStation5
DE30 struggled somewhat after painting the right shoulder of an inverse head and shoulders pattern but bulls managed to regain control. The index finally broke above the neckline of the pattern in the 14,240 pts area at the end of last week and the upward move is being continued today. From a technical point of view, extension of the upward move towards the textbook range of the inverse head and shoulders pattern at 15,200 pts may be on the cards now. However, a break above the 14,575 pts resistance would be needed.
Company News
Siemens (SIE.DE) won a contract from Egypt for a high-speed rail system worth €8.1 billion. This is the largest contract in Siemens history. Siemens will construct a 2000 km network of high-speed rail with initial contract, for the first line, being worth €2.7 billion. Siemens will also provide maintenance for 15 years.
According to the Handelsblatt report, Deutsche Telekom (DTE.DE) still has a significant number of employees in Russia. The German telecommunications company plans to complete a full exit from the country in 2023. Deutsche Telekom has already discontinued its development work in Russia and offered its Russian employees a contract abroad.
Analysts' actions
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HeidelbergCement (HEI.DE) upgraded to "neutral" at On Field. Price target set at €57.00
Siemens (SIE.DE) is trading over 3% higher today and is one of the best performing DAX members. Stock managed to break above the resistance zone marked with 23.6% retracement at the end of last week and continues to upward move after a breakout. A resistance zone marked with 38.2% retracement is being tested at press time. Source: xStation5
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