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DE30 pulls back to 13,000 pts area

10:58 AM 29 June 2022

  • European stock market indices trade lower

  • DE30 tests 13,000 pts area

  • Continental (CON.DE) gains after upgrade at Exane 

European stock market indices follow the lead of US and Asian indices and trade lower. Declines can be spotted all across Europe with German DAX being one of top underperformers (-1.7%). German index is testing 13,000 pts as a support at press time.

Source: xStation5

DE30 once again failed to break above the resistance marked with the upper limit of market geometry at 13,290 pts. A strong pullback can be observed during the European morning trade with index moving back to 13,000 pts area. The 12,975 pts zone acted as a swing level recently and should it manage to halt declines, it may signal that the right should of an inverse head and shoulder pattern is being painted. Neckline of this pattern would be in 13,330 pts zone, marked with recent local highs. However, declines need to be halted first and recovery move launched.

Company News

Arno Arntlitz, CFO of Volkswagen (VOW1.DE), said that in spite of recent volatility in the markets, carmaker still plans to proceed with the IPO of the Porsche brand in the fourth quarter of 2022. In other interview, Herber Diess, CEO of Volkswagen, said that he expects his company to start catching up with Tesla in terms of EV production in the second half of 2022 as semiconductor shortage begins to ease.

Verbio Vereinigte BioEnergie (VBG.DE) gains 5% today following a forecast upgrade. Company expects EBITDA to reach around €500 million in the financial year 2021/2022 as demand for its products remains strong. Earlier the company expected EBITDA to reach around €430 million.

Analysts' actions

  • Continental (CON.DE) upgraded to "outperform" at Exane. Price target set at €91.00

Continental (CON.DE) is one of a few stocks in the DAX index that is trading higher today. Share price is support by upgrade at Exane. Stock made another attempt of breaking above the mid-term downward trendline today but failed and pulled back from daily highs. The nearest support zone can be found near local low and is marked with 50-session moving average (green line). Source: xStation5

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