24 Mar 2015
DAX defends gains on upbeat PMIs
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened slightly lower and climbed higher after the release of better than expected preliminary flash factory and services PMI reports. However, gains were capped the UK's CPI missed estimates.
Currently, the DAX 30 trades higher by 0.18% and trades at 11918.50 levels, bouncing-off day’s highs at 11948.50 levels reached some time ago. The DAX holds mild gains as traders continue to cheer upbeat PMI reports from Germany, France and Euro zone as a bloc. The upside in the index remained restricted on the back of disappointing UK price pressures print. Moreover, its widely perceived that markets may be consolidating gains after ten consecutive positive weeks in a row.
The index is seen trading with a positive market breadth, advance-decline ratio being 26:4. Commerzbank is the top gainer, up 1.67% followed by Deutsche Bank gaining 1.50%. On the losing end, Daimler AG is down -0.82% followed by RWE AG which is lower by -0.40%.
DAX Technical Levels
The index has an immediate resistance at 11950. Meanwhile, support is seen at 11800 levels and 11587 levels.
Currently, the DAX 30 trades higher by 0.18% and trades at 11918.50 levels, bouncing-off day’s highs at 11948.50 levels reached some time ago. The DAX holds mild gains as traders continue to cheer upbeat PMI reports from Germany, France and Euro zone as a bloc. The upside in the index remained restricted on the back of disappointing UK price pressures print. Moreover, its widely perceived that markets may be consolidating gains after ten consecutive positive weeks in a row.
The index is seen trading with a positive market breadth, advance-decline ratio being 26:4. Commerzbank is the top gainer, up 1.67% followed by Deutsche Bank gaining 1.50%. On the losing end, Daimler AG is down -0.82% followed by RWE AG which is lower by -0.40%.
DAX Technical Levels
The index has an immediate resistance at 11950. Meanwhile, support is seen at 11800 levels and 11587 levels.