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European stocks start the week slightly higher
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DE30 trades near midpoint of consolidation range
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Volkswagen (VOW1.DE) announced revised 5- and 10-year plans
Stocks in Europe launched new week higher as sentiment remains buoyed thanks to optimistic trade comments and easing measures undertaken by the People’s Bank of China. However, the size of the upward gaps on most of the European stock market indices could be considered minor.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 holds steady in its 13160-13300 pts trading range. The index was testing the 13220 pts handle over the night but failed to break below. The near-term resistance to watch can be found at 13265 pts handle and has been tested several times during ongoing sideways move. Given that there is not a single major datapiece scheduled for release today, the index may be set for a calm day. However, traders should look out for trade comments as those are often market movers. The topside of the consolidation range (13300 pts) remains to be the key resistance to watch. On the other hand, should bears bring the index below the range, attention will shift to the lower limit of the Overbalance structure (yellow box, 13065 pts).
DAX members at 8:25 am GMT. Source: Bloomberg
Volkswagen (VOW1.DE) announced revised short- and long-term plans. The German carmaker plans to continue to focus on the development of EVs. The company aims at €60 billion of investments in digitization, hybridization and electric mobility over the next 5 years. Volkswagen plans to roll out 75 all-electric vehicles and 60 hybrid vehicles over the next 10 years. The company also plans to sell 26 million EVs and 6 million hybrid vehicles over the next decade.
Adidas (ADS.DE) received an upgrade at Societe Generale. Recommendation for the stock was raised to “buy” from “hold”. Price target was set at €320, implying a 20% increase against Friday’s close.
Adidas (ADS.DE) broke below the short-term upward sloping trendline at the beginning of November. However, decline seems to have bottomed out near the €266.50 support zone. The stock is making a significant jump today, thanks to upbeat recommendation from Societe Generale. In case the rebound continues, the closest resistance to watch can be found at the €275 handle. Source: xStation5
