Daily Analysis DAX40 - 27 July 2023

European shares increased on Thursday, as traders reacted to a busy morning of earnings reports and awaited the European Central Bank's policy decision after the U.S. Federal Reserve hiked interest rates as expected.

The ECB is expected to raise interest rates for the ninth time in a row later on Thursday and keep the door open to further moves. The decision is due at 1215 GMT.

In a busy day of earnings, Nestle rose 1.2% after the world's biggest packaged food company improved its full-year organic sales outlook and reported better-than-expected first-half organic sales as it again raised prices.

BNP Paribas added 2.3% after the Eurozone's biggest bank beat analyst estimates for net income in the second quarter.

Safran rose 1.4% after the jet engine maker raised profit and cash flow forecasts while Airbus fell 1.9% after the planemaker removed an interim industrial target on the route to record jet output.

Volkswagen slid 3.6% after the German automaker lowered its 2023 outlook for deliveries as Renault dipped 0.8% even as the French car maker posted its highest-ever operating margin of 7.6% for the first half of 2023.

French call-center operator Teleperformance tumbled 10.9% after it downgraded its full-year revenue growth target and tempered talk surrounding its adoption of generative AI technologies.

DAX is hovering around the 16300 level which is the resistance level of the last June and May months. There is a possible price concentration around the current resistance area of 16,200-16,400, which could indicate the formation of a reversal pattern.

Resi Level 3	Resi Level 2	Resi Level 1	Suppo level 1	Suppo level 2	Suppo level 3
16600	16400	16200	15650	15400	15200