8 Dec 2014
DAX trades in red, off record highs
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, slips from record high levels from the previous session and traded above 10K mark in the early European trading.
Currently, the DAX 30 trades at 10032.50 levels, down -0.54%, after having clocked a high of 10083 during the European opening. The DAX halted it rally and trades lower after data indicated that industrial production in Germany grew less than the market expectations in October as it showed a 0.2% gain after the 1.1% hike last month, while it advanced 0.8% when measured on an annual basis.
Moreover, sluggish data released from China and Japan also reignited concerns over global growth which also dragged the index lower.
DAX Technical Levels
The index has an immediate resistance at 10093 (Dec 5 High), above which gains could be extended to 11050 levels. Meanwhile, support is seen at 10014 (10-day SMA) and 9981 (20-day SMA) levels.
Currently, the DAX 30 trades at 10032.50 levels, down -0.54%, after having clocked a high of 10083 during the European opening. The DAX halted it rally and trades lower after data indicated that industrial production in Germany grew less than the market expectations in October as it showed a 0.2% gain after the 1.1% hike last month, while it advanced 0.8% when measured on an annual basis.
Moreover, sluggish data released from China and Japan also reignited concerns over global growth which also dragged the index lower.
DAX Technical Levels
The index has an immediate resistance at 10093 (Dec 5 High), above which gains could be extended to 11050 levels. Meanwhile, support is seen at 10014 (10-day SMA) and 9981 (20-day SMA) levels.