Daily Analysis DAX40 - 10 July 2023

On Monday, European shares declined following significant weekly losses, primarily driven by concerns over sluggish demand sparked by weak inflation figures from China. Investors were also anticipating U.S. inflation data and upcoming corporate earnings later in the week.

Among individual stocks, Bayer's shares rose by 2.5% following reports indicating that the German pharmaceutical and agricultural company is contemplating a spin-off and listing of its Crop Science unit. Conversely, Kering, the parent company of Gucci, experienced a 0.3% decline after the Financial Times reported its acquisition of the high-end French fragrance label Creed for 3.5 billion euros ($3.83 billion) in June.

The DAX broke below the 15,700-support level after the formation of a double top pattern, suggesting a potential reversal in the market. The subsequent support levels to watch for are 15,200 and 15,000. Notably, the 15,000 level coincides with the 200-day moving average (200MA), making it a significant confluence point.

Resi Level 3	Resi Level 2	Resi Level 1	Suppo level 1	Suppo level 2	Suppo level 3
16800	16600	16370	15650	15400	15200