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DAX 40, German Stock Market Continues Its Uptrend

11/23/2022 1:07 PM

The Frankfurt Stock Exchange's leading index, the DAX 40, corrects higher to trade at 14480.0 on positive news from the corporate sector.

One of the leading energy companies in Europe, Enel S.p.A., announced its intention to sell up to 21.0 billion euros of its non-core assets to increase financial stability, as it plans to increase capital expenditures for the period from 2023 to 2025. In turn, shares of medical device maker Fresenius SE are rising as the company's management announced the placement of two tranches of bonds worth a total of 1.0 billion euros in order to raise the necessary funds for corporate-wide needs.

Macroeconomic statistics, in turn, do not contribute to the growth of DAX 40 quotes. In October, the German Producer Price Index lost 4.2% after rising 2.3% a month earlier, lowering the annual rate of growth to 34.5% from 45.8%. Today, data on business activity is expected to be published: current forecasts suggest a decline in the Services PMI to 46.2 points from 46.5 points a month earlier, and in the Manufacturing PMI to 45.0 points from 45.1 points.

The growth leaders in the index are Covestro AG (+4.54%), Siemens Energy AG (+2.44%), Brenntag SE (+2.07%), BASF SE (+1.75%).

Among the leaders of the decline are Zalando SE (-2.25%), Fresenius Medical Care (-1.67%), Vonovia SE (-1.64%).

On the daily chart of the asset, the price is trading above the resistance line of the descending channel, actively rising and reaching the highs of this spring.

Technical indicators maintain a steady buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram, being deep in the buy zone, is forming new ascending bars.

Support levels: 14270.0, 13570.0. | Resistance levels: 14720.0, 15430.0.

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