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DAX 40, German Stock Market Continues its Uptrend

1/24/2023 11:28 AM

The leading index of the Frankfurt Stock Exchange DAX 40 is correcting upwards, trading at around 15140.0 and continuing to rise ahead of the publication of macroeconomic statistics.

Today, the eurozone will be presented with data on PMIs in the services and manufacturing sectors for January, and tomorrow with the monthly report of the Institute for Economic Research (IFO), which is of great interest to investors. It is expected that the Business Climate index in Germany will be adjusted from 88.6 points to 90.2 points, and the Current Situation index may be corrected from 94.4 points to 95.0 points.

Additional support for the stock index continues to be provided by the domestic bond market, where a period of slight correction is observed: 10-year bonds moved away from the highs of the beginning of the month, trading at a rate of 2.207%, and 30-year bonds, which will be auctioned tomorrow, are traded at a rate of 2.089%, which is lower than 2.455% recorded at the beginning of the month.

The growth leaders in the index are Sartorius AG (+4.83%), Vonovia SE (+2.92%), Merck KGaA (+2.83%), Infineon Technologies AG (+2.65%).

Among the leaders of the decline are Symrise AG (-5.68%), Hannover Rueck SE (-1.93%), Münchener Rück AG (-1.81%).

On the daily chart, the price continues to trade in an uptrend, breaking the Neck line of the global Head and Shoulders reversal pattern at 14600.0 the day before.

Technical indicators have reversed and keep a stable buy signal: the fast EMAs of the Alligator indicator are significantly higher than the signal line, and the histogram of the AO oscillator, having moved to the buy zone, is forming ascending bars.

Support levels: 14900.0, 14460.0. | Resistance levels: 15280.0, 16000.0.

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