Markets

Daily outlook for May 28: DAX continues rally. US data and oil in focus!

The bond market remained calm. The yield on 10-year German government bonds stagnated at minus 0.42 percent and the yield on comparable US securities stood at 0.67 percent. The majority of the precious metals were weaker. Gold fought for the $ 1,700 a troy ounce mark. The price of a barrel of Brent Oil, on the other hand, fell. Ahead of the OPEC + meeting next week, there are indications that Russia may be in favor of easing funding restrictions.

Focus on companies

In the past few days, carmakers have moved up BMW, Daimler and VW increasingly in the focus of investors. The prospect of purchase incentives from the federal government stirs up the imagination and drives up share prices. However, Daimler and VW are not only vigorously fighting for financial support on the home market. Rather, they are also busy in China these days. Daimler plans to invest in the Chinese battery manufacturer Farasis Energy. VW is on the way to becoming the largest shareholder in battery manufacturer Guoxuan High-Tech. This was well received by investors. In the German Lufthansa the supervisory board has approved the decision on the rescue package. That put pressure on the share price. Infineon plans a capital increase. The share then fell over five percent. Nordex got a strong boost from positive analyst comments. This also applied to the last scolded shares of Airbus, MTU Aero Engines and TUI. With the winners of the corona crisis Delivery Hero, HelloFresh and Team viewer showed profit-taking again

Instone Real Estate, Knorr Bremse and Rocket Internet publish final data for the past business quarter tomorrow. Dürr, E.ON. and Merck invite you to the virtual general meeting.

Important appointments

  • Europe – economic confidence
  • USA – GDP, Q1, second estimate
  • USA – Initial jobless claims
  • USA – Durable Goods Orders

Chart technical outlook

Resistance marks: 11,740 / 12,280 points

Support marks: 11,160 / 11,220 / 11,270 / 11,430 / 11,540 points

The DAX® squinted during the day at 11,740 points above the 161.8% retracement line. However, the index ran out of steam in the afternoon. The index fell to 11,580 points. At the close, there was an increase of 1.3 percent (11,660 points). The upward trend remains initially intact and the chance for a new attempt at 11,740 points persists. On the underside, the DAX® has good support between 11,430 and 11,540 points. As long as it lasts, the bulls should hold the scepter in their hands. If the zone is undershot, there is a risk of a reset of up to 11,220 points.

DAX® in points; 4-hour chart (1 candle = 4 hours)

Viewing period: 04/08/2020 – 27.05.2020. Historical considerations are not reliable indicators of future developments. Source: tradingdesk.onemarkets.de

DAX® in points; Weekly chart (1 candle = 1 week)

Observation period: May 28, 2014 – May 27, 2020. Historical considerations are not reliable indicators of future developments. Source: tradingdesk.onemarkets.de

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