DE30: European stocks waver at the beginning of the week

• Mixed moods on European stock markets
• DE30 is testing strong support level
• Aurubis AG (NDA.DE) recorded 85% quarterly profit rise

European indices launched today's session in mixed moods. Dax and the FTSE100 erased most of the early gains while the FTSE MIB fell 1.40% and the IBEX 35 is trading 0.7% below the flatline. Market volatility is set to continue, as investors weigh a more hawkish rhetoric from the ECB, rising bond yields, mixed quarterly figures from the major companies and easing coronavirus curbs around the world. Also geopolitical tensions regarding potential Ukraine invasion will be in the spotlight. French and Russian presidents will meet in Moscow and the German chancellor is heading to the White House to meet with President Biden.

DE30 fell sharply on Friday, nevertheless bulls managed to defend major support at 15148 pts, which coincides with 23.6% Fibonacci retracement of the upward wave launched at end of October 2020. As long as the index sits above, another upward impulse towards key resistance at 15,550 pts may be launched. On the other hand, should break lower occur, downward move may accelerate towards next support at 14830 pts, where January lows are located. Source: xStation5

Company news: 

Aurubis AG (NDA.DE) stock jumped over 4.5% after Europe's major copper producer, confirmed today 85% increase of its quarterly profits and reiterated increased full-year earnings estimates as high commodities prices and strong output boosted results. Company now expects operating EBT of between €400 million and €500 million, up from between €320 million and €380 million previously forecast.

Aurubis AG (NDA.DE) stock witnessed a downward correction in the second part of January, however buyers managed to halt declines around major support at €93.30 which is marked with lower limit of the 1:1 structure and 23.6% Fibonacci retracement of the last upward wave. If current sentiment prevails, upward move may accelerate towards all-time high at €102.40. On the other hand, should break below the aforementioned support occur, then next target for sellers is located at €87.15. Source: xStation5

Deutsche Bank (DBK.DE) was allowed to resume trading of the Taiwan dollar deliverable and non-deliverable forwards, after Taiwan's central bank suspended them as part of a crackdown on speculation last February, according to Reuters.

Delivery Hero (DHER.DE) stock rose 2.8% after UBS analyst Sreedhar Mahamkali has maintained his recommendation on the stock with a Buy rating. However the target price has been lowered to €110.00 from €151.00.