Daily Analysis DAX40 - 9 Aug 2023

European shares rose on Wednesday, with Italian lenders rebounding from sharp losses in the previous session after the government eased its stance on a new banking levy.

Eurozone bank stocks (SX7E) rebounded by 1.4% following a 3.5% decline the previous day. This uptick was due to Italy's decision to limit the new tax to 0.1% of total bank assets, in contrast to the initial surprise announcement of a 40% windfall tax that had triggered a sell-off.

Italian financial institutions like Intesa Sanpaolo (ISP), Banco BPM (BAMI), and UniCredit (UCG) experienced gains ranging from 1.7% to 2.5%.

Investors seemed to overlook data indicating deflation in China's consumer sector and continued declines in factory-gate prices for July. Despite these indicators, the world's second-largest economy struggled to reignite demand.

Regarding specific stocks, Delivery Hero (DHER) saw a 5.8% increase as the German online food delivery company raised its full-year revenue projection.

Novo Nordisk (NOVO_B) inched up by 0.5%, extending its momentum from Tuesday when the Danish pharmaceutical company's shares reached a record high. This surge followed news that its obesity drug reduced the risk of heart disease.

DAX is rebounding from the 15800-support level and is now facing the next challenge at the 16000 short-term resistance level. The long bullish trend is evident, but it is currently forming reversal patterns as the price range in the last 3 months indicates weakness in the current trend.

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