The leading German index has already reached several new record highs this year.
(Photo: Bloomberg Creative / Getty Images [M])
Dusseldorf The Dax confirmed its latest upward trend on Tuesday: In the morning, the German benchmark index was 0.7 percent up at 15,941 points. It has thus gained almost 900 points within six trading days.
With the upward movement on Tuesday, the Dax also closed a downward gap at 15,865 points that it tore on November 26th. At that time, the market was re-rated outside of trading hours due to reports about the new Omikron virus variant.
Such gaps arise when the highest price on the trading day is below the lowest price on the previous day. If these gaps are not closed quickly, they become a resistance. By closing this gap, the Dax jumped over another resistance and also confirmed its upward trend. Up to the record high of 16,290 points, less than three percent are now missing. “The lid is now off for the time being, however, the Dax has fought its way up,” says analyst Jochen Stanzl from the online broker CMC Markets.
What investors should note, however: The trading volume is currently very low, so just a few buyers are enough to move the market upwards.
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On Monday, for example, only just under 30 million titles were bought by DAX companies. That was the second lowest value of the year – it was only less during the summer slump on August 30th. The trading volume was thus more than 50 percent below the annual average.
“So it remains to be seen whether this rally is sustainable,” said portfolio manager Thomas Altmann from the investment advisor QC Partners. “Because if some should come up with the idea of realizing their profits, then suddenly the sellers would be in the majority.”
Martin Utschneider, technical analyst at the private bank Donner & Reuschel, therefore recommends maintaining stops and safeguards. There is still a latent panic mood in the market. “Every report regarding Omikron and inflation unsettles investors and leads to irrationality,” says Utschneider.
Look at individual values
S&T: The Austrian IT company wants an independent expert to investigate the criticism of the research house Viceroy of the short seller Fraser Perring of the business conduct. In terms of content, S&T again rejected the allegations. The S&T papers are increasing by around five percent.
Bitcoin is falling below $ 50,000
Bitcoin fell back after a brief excursion above the $ 50,000 mark. On Tuesday morning, the oldest and most important cryptocurrency was trading at around $ 49,000, according to data from the analysis company Coinmarketcap.
Over the Christmas holidays, Bitcoin had risen above the $ 50,000 mark and on Monday reached its highest price since the beginning of December ($ 51,956). But there were no follow-up purchases to sustainably break the $ 50,000 mark.
Bitcoin thus remains in its most recent sideways movement. The mood on the market is not clear: In the past, too, corrections were made after significant price increases. In these cases, however, the mood on the market fell to an extremely low level. The Bitcoin price had then reached its bottom, after which there were enough buyers available again to drive the price from the new.
This time, on the one hand, the situation can be interpreted as a breath of air before another upward eruption. But it could just as well be a sign that there are still many undecided investors in the market who will get out at the next setback and push the price further down.
Here you go to the page with the Dax course, here you can find the current tops & flops in the Dax.