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European indices trade higher
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DE30 breaks above short-term trading range
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Delivery Hero and HelloFresh rally after recommendation upgraded
European stock market indices launched today's trading higher. The upward move was extended further following reports saying that a statement from today's Russia-Ukraine talks will come within hours. This is somewhat puzzling behaviour of the market as news did not specify what the outcome is or whether there were any positives. Having said that, traders should be aware of potential reversal when an actual statement is released.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 is one of the best performing European blue chips indices today, trading 2% higher on the day. Taking a look at index' chart, we can see that bulls are making a break above the upper limit of the trading range today and it looks like it may be a sustainable break. However, as we have already said in an introduction paragraph, reasons behind today's move are unclear and risk of reversal later in the day remains. In such a scenario, the aforementioned lower limit of the trading range in the 14,500-14,550 pts area will be the first support to watch. On the other hand, should buyers maintain rally, attention may switch to 14,840 pts resistance.
Company News
Volkswagen (VOW1.DE) said that operations at its factory in Shanghai have not been disrupted yet by a lockdown imposed in the city. However, the company said that the situation may change day by day amid the current strict crackdown on Covid-19 in China.
Porsche Automobil Holding (PAH3.DE) said that it supports the plan of its subsidiary Volkswagen to hold an IPO of luxury vehicle brand Porsche. However, the company said that no decision on timing has been made yet and timing may be dependent on the situation in Ukraine. More precisely on when markets will stabilize.
Analysts' actions
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Delivery Hero (DHER.DE) upgraded to "neutral" at Exane. Price target set at €45.00
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HelloFresh (HFG.DE) upgraded to "outperform" at Exane. Price target set at €48.00
HelloFresh (HFG.DE) is one of the best performing DAX members today, following an upgrade at Exane. Stock managed to halt multi-month downward move at the beginning of March and launched a recovery move. An attempt of breaking above the €42.00 resistance zone is being made today and if it succeeds, bulls' attention will shift to the €50 area. Source: xStation5
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