The 14,000 point level has become a key resistance.
(Photo: Bloomberg Creative/Getty Images [M])
Dusseldorf The 14,000 point mark is currently the most important measure on the German stock market. After the Fed minutes were released, the Dax held above this level in the first hour of trading on Thursday. A level of 14,090 points means an increase of 0.6 percent.
The leading German index has never been able to sustainably leave the round mark behind in the past two trading weeks. During this period, the Frankfurt Stock Exchange Barometer closed five times above the said level and four times below it. On Wednesday, the index ended trading at 14,008 points after a weak start.
Rapid profit-taking suggests that unconvinced, long-term buyers are in the market. On the other hand, there seems to be a high level of buying interest just below: quick follow-up purchases ensure that things go up again quickly if the Dax slips below 14,000 points. The result is a multi-day sideways movement.
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