DE30 tests 14,000 pts resistance zone

• European stock markets trade higher
• DE30 tests 14,000 pts area
• RWE (RWE.DE) signs LNG supply deal Sempra (SRE.US)

European stock market indices are trading slightly higher on Wednesday, with DAX adding 0.4% mainly thanks to solid performance of oil & gas stocks. Nevertheless investors remain cautious following the release of latest FOMC minutes. The US central bank will likely hike interest rates by 50 basis points at its next two meetings, in line with expectations, but policymakers hinted a possible shift in policy to a restrictive stance, depending on the evolving economic outlook and the risks to the outlook. 

DE30 continues to rebound after sellers failed to break below the support at 13325 pts which coincides with lower limit of the wedge formation and  23.26% retracement of the downward move started in January 2022. Index is currently testing the upper limit of the aforementioned formation around 14000 pts. Source: xStation5

Company news:

RWE Supply & Trading, a subsidiary of RWE (RWE.DE) entered into a heads of agreement with Sempra Infrastructure, a subsidiary of Sempra (SRE.US), for the purchase of approximately 2.25 million tonnes per annum (Mtpa) of liquefied natural gas (LNG). 

The EU has cleared the acquisition of Europcar by a consortium partly owned by Volkswagen (VOW3.DE), meanwhile Chief Executive Herbert Diess said he sees "clear improvement" in semiconductor supplies and expects the automaker's global production can recover during the rest of this year.

Volkswagen (VOW3.DE) stock has been moving within the descending channel in recent months, and during today's session buyers attempt to break above the upper limit of the structure. Should a break higher occur, upward move may accelerate towards resistance at €162.50, where highs from March 2020 are located. On the other hand, if sellers manage to regain control, then another downward impulse towards the recent low at €131.90 may be launched. Source: xStation5