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DAX 40 High Potential for Continuation of the Uptrend

2/7/2023 12:55 PM

The leading index of the Frankfurt Stock Exchange DAX 40 corrects upwards at around 15364.0. The publication of component reports remains a catalyst for positive dynamics.

Chemical company Linde Plc. will report results for the fourth quarter of 2022 today, with analysts expecting revenue of 8.13 billion euros and earnings per share of 2.76 euros. France's largest bank BNP Paribas could record revenue of 12.22 billion euros, in line with previous quarters, and earnings per share of 1.64 euros, also signaling relative financial stability. In turn, the energy company Siemens Energy AG may show a drop in revenue from 9.18 billion euros to 6.66 billion euros, and earnings per share from 0.3600 euros to 0.1489 euros.

Additional support for DAX 40 quotes is provided by the domestic bond market, where there is a correction: 10-year treasuries are traded at a rate of 2.287%, still far from the highs of the year, and 20-year treasuries are traded at 2.343%, which is inferior to 2.700% in mid-January.

The growth leaders in the index are Bayer AG (+2.66%), Sartorius AG (+1.35%), Fresenius Medical Care AG (+0.84%), RWE AG (+0.74%).

Among the leaders of the decline are Zalando SE (-5.60%), Adidas AG (-3.54%), Covestro AG (-2.81%).

On the daily chart, the price continues to trade in an uptrend, holding within the local ascending corridor with dynamic boundaries 16300.0–14900.0.

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: 15200.0, 14700.0. | Resistance levels: 15540.0, 16000.0.

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