-
European stock market rise at the start of a new week
-
DE30 tests 13,000 pts, death cross on the chart
-
Deutsche Bank drops bid for Wirecard's banking arm
Stocks in Europe launched a new week higher with major indices from the Old Continent posting small gains. DE30 is trying to break above 13,000 pts but failed to make a meaningful break so far. Traders should expect weaker liquidity throughout the day as the US cash market will stay shut due to the Labour Day holiday.
Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appDAX futures (DE30) launched the week around 70-80 points lower but managed to climb high as the cash session approached. The index has reached a resistance zone marked by 13,000 pts handle and 38.2% retracement of last week's drop. Breaking above this hurdle would clear the way towards an important resistance in the 13,100 pts. This resistance is marked by a local peak, 50% retracement and 50- and 200-hour moving averages. A point to note is that 50-hour moving is an intersecting 200-hour moving average from the above painting a pattern known as 'death cross' (orange circle). In theory, such a pattern heralds declines but it often appears with a lag so traders should exercise caution while using this as a signal.
Company News
New York has extended a partnership with HelloFresh (HFG.DE) until the end of the year. Under a deal, HelloFresh will provide more than 200 thousand fresh meals to veterans as well as other residents of New York City that are suffering food insecurity due to the coronavirus crisis. Pilot program was launched in June and has provided over 65 thousand meals so far.
According to a Bloomberg report, Deutsche Bank (DBK.DE) has dropped its bid for the banking operations of collapsed payments company, Wirecard (WDI.DE). Insolvency administrator wants at least €100 million for Wirecard's banking arm - a price tag Deutsche Bank deemed too high.
DAX members at 10:18 am BST. Source: Bloomberg
