- European indices trade higher
- DE30 failed to break above 15,800 pts resistance
- Rheinmetall gains after comments from finance minister
European stock market indices launched new week's trading higher. Stock market indices in Europe launched today's trading higher responding to a rather solid Wall Street session on Friday and an upbeat trading in Asia earlier today. However, a part of the gains has been erased already. As far as the newsflow is concerned, the session today has been rather calm and there is little scope for the situation to change in the afternoon as the US economic calendar is empty.
Source: xStation5
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Open real account TRY DEMO Download mobile app Download mobile appGerman DAX launched today's trading higher and gained around 0.5% on the day. Taking a look at DAX futures chart (DE30) at D1 interval, we can see that part of today's gains has been already erased with bulls testing the 15,800 pts mark but failing to break above. It looks like the zone ranging between 15,800 pts and 38.2% retracement is turning up to be a near-term resistance to watch and potentially the upper limit of a new trading range. On the downside, this range would be limited by the zone ranging between 50% retracement and the 15,650 pts mark, which has already halted declines twice recently.
Company News
Rheinmetall (RHM.DE), German defense company, launched a new week's trading higher and is currently one of the best performing DAX stocks today. While there was no specific news related to Rheinmetall, solid performance of shares today could be in response to weekend comments by Christian Lindner, German minister of finance. Lindner said in an interview with FAZ that German defense spending will reach the goal outlined by NATO.
Bayer (BAYN.DE) announced that stem cell therapy developed by BlueRock, Bayer's US subsidiary, showed signs of easing symptoms in Parkinson's disease in initial trials and met primary goals.
Analysts' actions
- Zalando (ZAL.DE) rated 'equal-weight' at Barclays. Price target set at €30.00
Rheinmetall (RHM.US) trades higher today, bouncing off the €240 support zone. Stock has been stuck in a largely sideways move recently and it would require a break above the €260 resistance zone for a more bullish signal to surface. Source: xStation5
