German stocks are set to open unchanged today, tracking a mixed trend in Asia as Chinese markets rebounded from sharp losses in the previous session and strong data from Japan eased global growth worries. Banking stocks could be in focus after Deutsche Bank reported that its third-quarter net income plunged to EUR229 million from last year's EUR649 million on weak revenue. Flash Purchasing Managers' survey data from euro area is due later in the session, in addition to German PMI readings headlining a busy day for the European economic news.
Although the trend is clearly bearish we might see some strong upward price action today tracking the strong rally in US equities yesterday after recovering from early selling pressure. The RSI looks mixed suggesting that neither buyers nor sellers are able to gain control of the trading session.
Support: 11250 10785
Resistance: 10460 11634