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DAX 40 German Stock Market Shows Neutrality

12/23/2022 12:35 PM

The leading index of the Frankfurt Stock Exchange DAX 40 corrects upwards, trading at around 13955.0.

The German stock market slowed down amid a positive report from the GfK Group, according to which German Consumer Sentiment continues to improve: the forecast for January 2023 suggests an increase in the index to -37.8 points from -40.1 points. Thus, the indicator shows growth for the third month in a row, which can serve as a positive signal and is a direct consequence of the effectiveness of the measures taken by the German government to support households in the face of high energy prices.

The domestic bond market continues to provide additional support to the stock index. Since the beginning of trading, the entire line of treasuries began to actively decline: popular 10-year bonds lost 0.21%, trading at a yield of 2.236%, long-term 20-year bonds lost 1.09% with a yield of 2.313%, and global 30-year bonds lost 1.29%, trading at 2.137%.

The growth leaders in the index are RWE AG (+0.14%), Hannover Rueck SE (+0.08%), Covestro AG (+0.03%), Deutsche Bank AG (+0.03%).

Among the leaders of the decline are Volkswagen VZO (-4.09%), Zalando SE (-3.03%), Infineon Technologies AG (-3.02%).

On the daily chart of the asset, the price is trading well above the descending channel resistance line, continuing to reverse to the downside.

Technical indicators have already reversed and issued a new sell signal: the fast Alligator indicator EMAs crossed the signal line from above, and the histogram of the AO oscillator moved to the sales area, forming descending bars.

Support levels: 13800.0, 13400.0. | Resistance levels: 14100.0, 14600.0.

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