12 Dec 2014
DAX plunges on Greece woes
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, opened today with a negative gap and resumed its slide, after a brief reversal seen in the previous session as lingering Greece worries continue to spook global equities.
Currently, the DAX 30 trades at 9711 levels, down 1.54%, compared to yesterday’s close of 9862.53. The DAX dived deeper into red falling commodities prices continued to hurt metals and energy stocks. Also, concerns over political instability in Greece also pushed the index lower. The index breadth is negative with an advance decline ratio of 1:29
Major losers on the index were shares in BASF SE, Linde AG, ThyssenKrupp AG and Merck KGaA which lost 1% to 2.65%. Henkel AG & Co KGaA remains the sole gainer with 0.06% gains.
DAX Technical Levels
The index has an immediate resistance at 9722.36 (200-day SMA), above which gains could be extended to 9760 levels. Meanwhile, support is seen at 9686 (Sept 18 Low) and 9650 (Sept 17 Low) levels.
Currently, the DAX 30 trades at 9711 levels, down 1.54%, compared to yesterday’s close of 9862.53. The DAX dived deeper into red falling commodities prices continued to hurt metals and energy stocks. Also, concerns over political instability in Greece also pushed the index lower. The index breadth is negative with an advance decline ratio of 1:29
Major losers on the index were shares in BASF SE, Linde AG, ThyssenKrupp AG and Merck KGaA which lost 1% to 2.65%. Henkel AG & Co KGaA remains the sole gainer with 0.06% gains.
DAX Technical Levels
The index has an immediate resistance at 9722.36 (200-day SMA), above which gains could be extended to 9760 levels. Meanwhile, support is seen at 9686 (Sept 18 Low) and 9650 (Sept 17 Low) levels.