The leading German index has already reached several new record highs this year.
(Photo: Bloomberg Creative / Getty Images [M])
Dusseldorf The German stock market continues to improve: In the afternoon, the Dax is 0.7 percent up at 15,563 points. The Frankfurt benchmark ended yesterday’s trading day 1.4 percent up at 15,462 points.
Impetus came from the futures market: Today, Friday is the small expiry date on which options on indices and individual stocks expire and are settled. During the expiry of the Dax options at 1 p.m., the leading index was at 15,490 points, a level with which many futures market professionals are likely to have been satisfied.
But that was at the same time a signal for further rising prices, the Dax then rose by more than 60 points. It would be a surprise if the German benchmark index closed today at a price above 15,600 points. Because that would be a signal for further gains towards 16,000 points.
Since the low of 14,818 points on Wednesday last week, the Dax has risen almost 700 points. For Martin Utschneider, technical analyst at the private bank Donner & Reuschel, is the stock market barometer “so out of the woods”, but he saw “no final trend reversal” before the start of trading today. Especially since the index is overbought, i.e. it has risen too high too quickly, which is more likely to encourage sales. According to chart technology, a further increase over 15,600 counters is opposed to important and not easy to overcome resistance.
Top jobs of the day
Find the best jobs now and
be notified by email.
Look at the individual values
Teamviewer: The price slide at Teamviewer is not over yet. Today, Friday, the paper again lost 3.4 percent and at 13.81 euros is again close to the previous record low of 13.44 euros. Within a few days, Teamviewer has lost more than 50 percent of its value on the stock exchange. Most analysts continue to recommend the share.
Siemens: A downgrade makes the share price to create. The papers fall 0.5 percent. Barclays has downgraded the title to “underweight” from “equal weight”.
Lufthansa: Following positive analyst comments, stocks are on the up. The titles gain four percent, making them the biggest MDax winners. The analysts at Deutsche Bank have set the stocks to “buy” from “sell”. Stifel has taken the shares up on “hold” from “sell”.
Hugo Boss: The share stands out in the MDax small cap index. After an increase in the forecast, the fashion company’s titles initially rose 4.4 percent to EUR 54.92, marking their highest level in more than two years. Currently the increase has decreased to 1.8 percent. For 2021, the company now expects sales to be 40 percent higher than in 2020.
What the Dax chart technology says
According to the technical analysis, the Dax picture is gradually improving: The strategically important zone slightly above the 14,800 mark has held up. The long-term important 200-day line, which is currently at 15,067 meters, has not yet been undercut on a sustainable basis.
With the new highs in October, an important trend-following indicator generated a buy signal. The name for this is MACD (Moving Average Convergence / Divergence) and consists of two moving averages.
For the technical analysts at HSBC Germany, this indicator gives “a buy signal for the first time since the end of July” – the best since November 2020. To explain: In both cases, the Dax then rose significantly. In November 2020, the stock market barometer was 11,450 points, then the starting signal for the vaccine rally was given. And in July the Dax slipped to 15,000 points, after which the record high of 16,030 points was reached.
Jörg Scherer, Head of Technical Analysis, says: “For bullish investors, there is definitely a buying opportunity, especially since the risk can be narrowly limited with a tight stop below 14,800 points.“In addition: In October, the traditionally weak month of the stock market, there are now only twelve trading days on Thursday.
However, the resistance on the way up is varied, especially in the range between 15,550 and 15,600 points. The breakout beyond that should be seen as the next buy signal towards the all-time high, says Scherer.
Click here to go to the page with the Dax course, here you can find the current tops & flops in the Dax.