DAX 30 UP AFTER RETAIL SALES AND PMI
DAX 30 futures are currently trading at 12312-higher by 0.94% as compared to the last closing. The index futures had closed in negative territory on Friday.
Health firm Fresenius led gains in the DAX 30, following a report that a Delaware judge ruled in its favor in an ongoing corporate dispute with the U.S. drugmaker Akorn. The judge’s decision allowed Fresenius to walk away from a $4.75 billion merger deal with the U.S. drugmaker. The stock price was up nearly 8.3% at the time of writing.
Linde was also among top gainers in the DAX 30 on Monday. The stock jumped 6.3% at the time of writing. The stock rose after the company received approval for its proposed $83 billion merger with Praxair from the Chinese antitrust authorities.
Other top gainers include- Wirecard (up 3%), Continental (up 1.6%), Adidas (up 1.5%) and Dailmer (up 1%) at the time of writing.
On the economic front, German Retail Sales (YoY) for August released on Monday came in at 1.6%. Sales rose more than the expectation of 1.5% with Sales growth in July being 0.9%. German Manufacturing PMI for September also out on Monday came in at 53.7. The reading was the same as in August and also met market expectations. The eurozone unemployment rate for August was also released on Monday. The Unemployment rate came in at 8.1% and was at its lowest level since November 2008.
On the technical front, the RSI is currently at 51.53% and suggests that the market can move in the upward direction. The current price is above the MA20. The Current Price is above the middle line of the Bollinger bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
Trade Suggestion-Limit Sell at 12290. Take Profit at 12420. Stop Loss at 12225.