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5 Jan 2015
DAX steadies, German CPI in focus
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, opened the week with a negative gap and trades subdued neglecting the falls seen in the European counterparts as markets brace up for German CPI numbers.
Currently, the DAX 30 trades flat at 9766.80 levels, compared to previous session’s close of 9764.73. The DAX trades lacklustre following the release of UK’s construction PMI reading and Euro zone Investor confidence report which did little to lift the bench mark index. Moreover, Grexit talks continued to weigh on the investors’ sentiments which sparked risk-off trades, pushing them to go for safe have assets and give up riskier assets like equities.
The index is trading with a positive market breadth with an advance decline ratio of 19:10. Deutsche Boerse AG and Deutsche Lufthansa AG are the top gainers on the index, each gaining 2.27% and 1.02% respectively. Among the major losers, LANXESS AG, Adidas AG and BMW Deutsche Bank AG declined -1.39% to -2.64%
DAX Technical Levels
The index has an immediate resistance at 9811.06 (Dec 18 High), above which gains could be extended to 9907.82 (Dec 11 High) levels. Meanwhile, support is seen at 9688.66 (Dec 19 Low) and 9669.80 (Dec 18 Low) levels.
Currently, the DAX 30 trades flat at 9766.80 levels, compared to previous session’s close of 9764.73. The DAX trades lacklustre following the release of UK’s construction PMI reading and Euro zone Investor confidence report which did little to lift the bench mark index. Moreover, Grexit talks continued to weigh on the investors’ sentiments which sparked risk-off trades, pushing them to go for safe have assets and give up riskier assets like equities.
The index is trading with a positive market breadth with an advance decline ratio of 19:10. Deutsche Boerse AG and Deutsche Lufthansa AG are the top gainers on the index, each gaining 2.27% and 1.02% respectively. Among the major losers, LANXESS AG, Adidas AG and BMW Deutsche Bank AG declined -1.39% to -2.64%
DAX Technical Levels
The index has an immediate resistance at 9811.06 (Dec 18 High), above which gains could be extended to 9907.82 (Dec 11 High) levels. Meanwhile, support is seen at 9688.66 (Dec 19 Low) and 9669.80 (Dec 18 Low) levels.