12 Feb 2015
DAX on its way to record highs
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, rallied tracking gains from its European counterparts after Bank of England (BoE) published its quarterly Inflation Report, revealing fresh economic projections for the UK.
Currently, the DAX 30 traded higher by 1.60% at 10,921.50 levels, moving away from day’s highs posted at 10943.50 levels. The DAX edged higher on reports of reaching a cease-fire deal for Ukraine, despite disappointing Germany’s CPI and EMU’s industrial production data. Moreover, the index remains boosted by BOE Carney’s economic projections revealed in the BOE inflation report.
The index is seen trading with a negative market breadth with an advance decline ratio of 9:20. Among major gainers, Linde AG is the top gainer, up 3.38%, followed by Deutsche Post AG up nearly 3% on the day. On the losing end, Henkel AG and Deutsche Lufthansa are down -0.44% to -0.92%.
DAX Technical Levels
The index has an immediate resistance at 10984. Meanwhile, support is seen at 10820 levels and 10740 levels.
Currently, the DAX 30 traded higher by 1.60% at 10,921.50 levels, moving away from day’s highs posted at 10943.50 levels. The DAX edged higher on reports of reaching a cease-fire deal for Ukraine, despite disappointing Germany’s CPI and EMU’s industrial production data. Moreover, the index remains boosted by BOE Carney’s economic projections revealed in the BOE inflation report.
The index is seen trading with a negative market breadth with an advance decline ratio of 9:20. Among major gainers, Linde AG is the top gainer, up 3.38%, followed by Deutsche Post AG up nearly 3% on the day. On the losing end, Henkel AG and Deutsche Lufthansa are down -0.44% to -0.92%.
DAX Technical Levels
The index has an immediate resistance at 10984. Meanwhile, support is seen at 10820 levels and 10740 levels.