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European markets trade higher
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DE30 tests 50% retracement near 14,100 pts
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Telefonica Deutschland declares €0.18 dividend per share
European stock markets indices are trading higher today, following an upbeat Asian session. Blue chips indices from Western Europe trade over 1% higher. German DAX (DE30), UK FTSE 100 (UK100) and Italian FTSE MIB (ITA40) can be seen as top performers with each of the indices gaining around 1.6% at press time. Economic calendar for today is mostly empty therefore sentiment and technicals may play a leading role in today's price action.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 found support at 23.6% retracement of the April-May correction yesterday and halted declines there. Index quickly recovered above the resistance zone marked with 38.2% retracement and continued to gain. A test of the resistance zone marked with 50% retracement (14,100 pts area) can be observed at press time. Next target will be dependent on reaction to this hurdle. A break above would pave the way for a test of the 61.8% retracement in the 14,300 pts area while failure to break above may result in a pullback to the aforementioned 38.2% retracement (13,900 pts area). German index has been very reactive to retracements of the April-May correction therefore they are investors' best guess for potential turning points.
Company News
Rheinmetall (RHM.DE) announced that it has received several orders from NATO customers for protective equipment components. Total value of orders is around €250 million and deliveries are expected to begin in 2023 and finish in 2025.
Shareholders at the Annual General Meeting of Telefonica Deutschland (O2D.DE) agreed on a €0.18 per share dividend from 2021 profit. This corresponds to a dividend yield of 6.2% based on yesterday's closing price.
Analysts' actions
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Talanx (TLX.DE) rated "hold" at Deutsche Bank. Price target set at €45.00
Share price of Telefonica Deutschland (O2D.DE) is dropping today. Stock launched today's session with a big bearish price gap and continued to move lower at the beginning of trade. However, initial drop was halted at the 38.2% retracement of a recent upward impulse and stock started to recover later on. A short-term swing area near 23.6% retracement is a key near-term resistance to watch in case bulls remain in control. Source: xStation5
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