The start of the new week was mostly characterized by negative signs on the stock markets. Investors are eagerly awaiting the upcoming reporting season and potential forecasts for the current year. In addition, the recent rise in yields – especially in the USA – put pressure on the buying mood today. The DAX® lost around one percent today to 13,915 points and the EuroStoxx50 around 0.9 percent to 3,610 points.
Most of the yields on the bond market increased somewhat. The yield on 10-year government bonds rose to minus 0.5 percent. At 1.13 percent, the yield on comparable US paper is now at the level of March 2020. Since the low in August 2020, the yield has doubled. In the case of precious metals, investors continued to be nervous after the high discounts of the past week. The gold price hovered between $ 1,810 and $ 1,855 today. Silver at times fell below $ 24.50 an ounce. Meanwhile, the oil price stagnated in a narrow range around the closing level on Friday.
Company in focus
Akasol collapsed after a negative analyst comment. BioNTech raised the production forecast for the corona vaccine. That gave the paper a boost. The Deutsche Telekom is reportedly planning to sell T-Mobil Netherlands. Meanwhile, the share has hardly changed. Pfeiffer Vacuum rose double-digit after the submission of new medium-term targets. Shop pharmacy reported surprisingly good key data for the past quarter. In November, the number of orders received by German machine and system manufacturers increased for the first time in 2020. This is reported by the VDMA association. The Solactive German mechanical engineering index went against the general trend today and is currently trading at its highest level since May 2019.
This week the highly regarded Consumer Electronics Show takes place.
Chart technical outlook
Resistance marks: 14,100 / 14,430 points
Support marks: 13,780 / 13,900 / 14,000 / 14,100 points
The DAX® started the new week easier and at times fell to 13,800 points. By the end of trading, however, the index was able to distance itself from the daily low. The 61.8% retracemen line was thus successfully defended as a support brand. On the downside, the index finds broad support between 13,780 and 13,900 points. As long as it lasts, there is a chance of a countermovement up to 14,000 / 14,100 points.
DAX® in points; Hourly chart (1 candle = 1 hour)
Observation period: December 23, 2020 – January 11, 2021. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de
DAX® in points; Weekly chart (1 candle = 1 week)
Observation period: January 12, 2014 – January 11, 2021. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de
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