Prices are trading higher in Frankfurt this morning with the DAX-30 index evolving above the 12,900-pts zone as the market heads for a sixth straight gaining session. Even if the benchmark remains under the influence of external bullish leverages such as the US/China trade war and central bank monetary policy, prices are also getting carried higher by domestic stocks like Covestro AG which reported a Q3 EBITDA slightly ahead of market expectations. The share’s performance has also been boosted following a recent change in ratings from Commerzbank which changed from “Hold” to “Buy” over the weekend. However, the best performance is seen in the automotive and components sector, with Continental AG, currently trading well above 125 EUR.
The DAX-30 index failed to clear the 12,950-pts level this morning before slipping back to the 12,900 zone; However, bull traders seem to be in place to defend the important support over the 12,885-pts level, which could bounce prices back to the 12,946-pts resistance today.
