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European markets plunge on new virus fears
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DE30 drops below 13,100 pts
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Pandemic winners among top movers
European stocks are in a freefall mode after a new, highly contagious strain of coronavirus was discovered in Europe. Numerous countries decided to halt flights to and from the United Kingdom where a new strain was spotted for the first time. German DAX is trading over 3% lower today and is one of the worst performing indices from the Old Continent.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 has been trading lower overnight and the downward move accelerated following the launch of the European cash trading. The index is making the biggest downward correction in an upward impulse started at the end of October 2020. DE30 has managed to drop below price zones at 13,420 and 13,250 pts and is now making a break below the upward trendline. Near-term support zone to watch ranges around the 12,950 pts and a break below it could trigger more panic selling.
Company News
Flight restrictions imposed after a new, highly contagious coronavirus strain was discovered in the United Kingdom have sent European stock markets lower at the beginning of a new week. Companies that have exposure to the air travel and airline sector can be found among German top losers today. This includes MTU Aero Engines (MTX.DE), TUI (TUI.DE), Airbus (AIR.DE), Fraport (FRA.DE) as well as Lufthansa (LHA.DE).
On the other hand, pandemic winners can be found among a few stocks that trade higher today. This group includes Team Viewer (TMV.DE), HelloFresh (HFG.DE) and Delivery Hero (DHER.DE).
Delivery Hero (DHER.DE) continues upward move following a break from the trading range. Stock launched today's trading lower but has quickly recovered and is looking to top all-time highs reached last week. The near-term resistance zone can be found at the 127.2% exterior retracement of an early-November downward move (€124 area). Source: xStation5
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