27 Feb 2015
DAX off highs, German data eyed
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened strongly at all time-highs and eased later in session as traders now await economic numbers only from Germany and the US, with the index heading for strong weekly gains.
Currently, the DAX 30 trades flat at 11321.50 levels, having previously posted record highs at 11353.80 levels. The DAX continues to trade in a narrow range, retreating from the highest levels since the 2008 crisis, as traders remain wary ahead of Germany’s vote on a four-month extension of Greece's bailout today. Moreover, traders will closely watch German CPI data for further momentum on the index.
The index is seen trading with a positive market breadth with an advance decline ratio of 20:10. Among major gainers, Fresenius Medical is the top gainer, up 1.1%, followed by LANXESS AG up nearly 0.50%. While, BASF is the top loser, down -2.38%, after the German chemicals company reported sales lower by 0.6%, caused by falling sales prices due to low oil prices.
DAX Technical Levels
The index has an immediate resistance at 11353.80. Meanwhile, support is seen at 11150 levels and 10900 levels.
Currently, the DAX 30 trades flat at 11321.50 levels, having previously posted record highs at 11353.80 levels. The DAX continues to trade in a narrow range, retreating from the highest levels since the 2008 crisis, as traders remain wary ahead of Germany’s vote on a four-month extension of Greece's bailout today. Moreover, traders will closely watch German CPI data for further momentum on the index.
The index is seen trading with a positive market breadth with an advance decline ratio of 20:10. Among major gainers, Fresenius Medical is the top gainer, up 1.1%, followed by LANXESS AG up nearly 0.50%. While, BASF is the top loser, down -2.38%, after the German chemicals company reported sales lower by 0.6%, caused by falling sales prices due to low oil prices.
DAX Technical Levels
The index has an immediate resistance at 11353.80. Meanwhile, support is seen at 11150 levels and 10900 levels.