27 Jan 2015
DAX retreats from record highs as UK growth slows
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened higher close to all-time highs as Greece uncertainties faded, however, shaved off gains following UK's benchmark index after UK GDP data missed market forecasts.
Currently, the DAX 30 traded at 10764.80 levels, down -0.32%, having posted record highs at 10810 in the opening hours. The DAX edged lower giving away previous gains after UK economy expanded at a much slower pace than the market expectations.
The index is seen trading with a positive market breadth with an advance decline ratio of 17:13. Among major gainers, Linde AG and Fresenius SE & Co KG lead the index gaining 1.18% each, followed by LANXESS AG which rose 0.94%. On the losing end, the bank stocks took a beating with Deutsche Bank and Commerzbank losing -1.82% to 2.76%. While Continental AG lost -1.64%.
DAX Technical Levels
The index has an immediate resistance at 10810. Meanwhile, support is seen at 10600 levels and 10439 levels.
Currently, the DAX 30 traded at 10764.80 levels, down -0.32%, having posted record highs at 10810 in the opening hours. The DAX edged lower giving away previous gains after UK economy expanded at a much slower pace than the market expectations.
The index is seen trading with a positive market breadth with an advance decline ratio of 17:13. Among major gainers, Linde AG and Fresenius SE & Co KG lead the index gaining 1.18% each, followed by LANXESS AG which rose 0.94%. On the losing end, the bank stocks took a beating with Deutsche Bank and Commerzbank losing -1.82% to 2.76%. While Continental AG lost -1.64%.
DAX Technical Levels
The index has an immediate resistance at 10810. Meanwhile, support is seen at 10600 levels and 10439 levels.