5 Dec 2014
DAX rallies on strong factory numbers
FXStreet (Mumbai) - Germany’s benchmark index DAX edged up in the opening hours after better than expected data on German factory orders.
Germany's benchmark index DAX rose 130 points or 1.31% to trade at 9,980 levels, at the time if writing. The index breadth is positive with almost all stocks on the plus side. Major gainers on the index are stocks in the utilities and materials sector. Heidelberg Cement AG, Daimler AG and E.ON SE shares are on the positive side with gains close to 2%.
The index also remains underpinned as the market still expects that ECB may be preparing to unveil QE package in its January meeting dragged down the single currency.
DAX Technical Levels
The index has an immediate resistance at 10k (psychological level), above which gains could be extended to 10069 (Dec 4 High). Meanwhile, support is seen at 9930 (Dec 3 Low) and 9869 (Nov 26 Low) levels.
Germany's benchmark index DAX rose 130 points or 1.31% to trade at 9,980 levels, at the time if writing. The index breadth is positive with almost all stocks on the plus side. Major gainers on the index are stocks in the utilities and materials sector. Heidelberg Cement AG, Daimler AG and E.ON SE shares are on the positive side with gains close to 2%.
The index also remains underpinned as the market still expects that ECB may be preparing to unveil QE package in its January meeting dragged down the single currency.
DAX Technical Levels
The index has an immediate resistance at 10k (psychological level), above which gains could be extended to 10069 (Dec 4 High). Meanwhile, support is seen at 9930 (Dec 3 Low) and 9869 (Nov 26 Low) levels.