SAP, Deutsche Börse, Telekom: The DAX loses draft horses – new leaders are lacking | EUROtoday

The weakening financial system and the dividing location on the labor market there arouses the creativeness within the USA for the upcoming quarters. In the euro zone, additional impulses by the ECB are lacking. Not solely in Europe and the opposite euro zone, but additionally on the German inventory market, the medium-term transition of the present Hausse motion is a bumpy. It leads from the earlier part with financial impulses to the part with earnings fantasies of the businesses as a result of beforehand weak financial growth.

On the German inventory market, a number of the earlier draft horses reminiscent of SAP, Deutsche Börse, Deutsche Telekom, Hanover Rück and Munich Re have a minimum of left their technical new analysis or image e-book housese developments apart. In addition, there are additionally some customary values ​​reminiscent of Beiersdorf, Brenntag and Symrise, which have continued their present downward developments with new annual lows. Since these fairness titles supply a (partial) place discount for liquidity procurement and, then again, the brand new technical draft horses-still-are lacking, the tough transition part ought to initially be preserved.

In October 2022, the SAP know-how group began a housesee motion with programs barely lower than 80.0 euros. The inventory beforehand caught a number of years in a fluctuation -intensive, very extensive sideways pendulum motion with the a number of examined assist zone of 79.0 to 80.0 euros and the staggered resistance zone of 140 euros to 143.30 euros – within the space of ​​the previous all -time highs.

Against the background of the expiring total market baisse in October 2022 and the entrepreneurial fantasies within the cloud and AI enterprise, SAP established a brand new upward motion after finishing a small buying and selling ground formation. This has-accompanied by a number of technical funding buy indicators, for instance when reducing the 200-day line from backside to prime and when leaving the earlier, medium-term Baisse trend-to a technical image e-book housesee pattern. The additional overarching buy sign with the bounce over 143.3 euros then established a technical new score pattern above the 200-day line, which will increase in parallel.

This led the title to the all -time excessive of 283.5 euros, which marks a brand new resistance zone and a place overbought within the medium time period. With the completion of the accelerated medium-term upward pattern and eventually with the brand new to the 200-day line, these trading-oriented revenue indicators brought about a technical clouding.

The new analysis pattern at 235 euros is at the moment on the disposition. After the reassessment, SAP ran right into a fluctuation -intensive sideways pendulum motion – with the assist zone for 210 euros and the resistance zone for the brand new all -time highs. As a primary consequence, the title receives a strategic security cease at 208 euros. Because if the inventory slides by this course space, a defensive technical angle can be applicable as a result of upcoming technical clouding.

However, the general technical system initially indicators a buying and selling market and thus buying and selling alternatives inside this new sideways pendulum motion. Technical info is at the moment lacking that SAP will once more checklist the following medium-term upswing within the DAX (and Euro Stoxx 50) as a technical draft horse, since from a medium-term, technical standpoint, this can solely be obtainable by 283.0 euros (new funding buy sign) when leaping over the resistance zone.

The munich re share has been positioned since September 2011 and programs for 77.8 euros in a long-term house-pale motion. The central, reasonable house-punch pattern is barely round 205.0 euros and has virtually no affect on the present value conduct. Within this 14-year Hausse motion, the title has gone by a exceptional interaction of a number of years of sideways consolidations and several other years of pushing upwards. Based on programs round 205.1 euros in late summer time 2022, the worth re-pushed upwards, whereby the funding buy sign with the bounce by way of the resistance zone by 284.2 euros on the flip of 2022/2023 led the inventory right into a technical re-evaluation.

Based on the small intermediate low at EUR 300.0 in March 2023, the share established a medium-term family pattern. Its pattern line was precisely on the rising 200-day line. The title led to all-time highs by EUR 615.8 in April 2025. Finally, the share was entered right into a buying and selling field (assist zone for 545.0 euros; resistance zone on the all-time highs), which had the technical character of a buying and selling prime. It is subsequently not shocking that Munich Re final has fallen with a revenue sign from this buying and selling field and from the image e-book housese pattern, which was 545.0 euros. At the identical time, the 200-day line was minimize from prime to backside.

After the re -evaluation of the current years, a minimum of a medium -term consolidation or technical correction for decreasing the unchanged considerably overbought scenario is due. It ought to take a while (means months) for this dismantling. Only in only a few circumstances will the earlier (picture-book) house-end pattern resumed. Therefore, it ought to be taken under consideration that Munich Re ought to initially not be among the many technical draft horses on the subsequent medium -term course upswing within the DAX (and within the Euro Stoxx 50).

The writer is the managing director of Matzke Research.