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16 Dec 2014
DAX climbs higher on Upbeat German data
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, traded higher today, reversing losses from the previous session after Germany’s manufacturing sector as well as overall economic conditions improved in December.
Currently, the DAX 30 trades at 9397.80 levels, up 0.71%, compared to Friday’s close of 9334.01. The DAX gained strength after upbeat Germany’s PMI readings and ZEW Economic Sentiment Surveys pointed towards a stabilizing German economy. Germany's ZEW survey, the key measure of investors' sentiment, hit 31.8 points this month, a jump from November's 11.5, against market estimates of 20 points increase. The German flash PMI showed an expansion to 51.2 points after November's 49.5.
The index is trading with a positive market breadth, an advance decline ratio of 19:11. Among the major gainers, shares in Continental AG, Deutsche Telekom AG and ThyssenKrupp AG are up 0.70% to 1.55%. While, Commerzbank AG and RWE AG lost 0.50% to 0.78%.
DAX Technical Levels
The index has an immediate resistance at 9461.53 (Nov 18 High), above which gains could be extended to 9520 (Oct 1 High) levels. Meanwhile, support is seen at 9323.52 (Nov 18 Low) and 9268.63 (Nov 6 Low) levels.
Currently, the DAX 30 trades at 9397.80 levels, up 0.71%, compared to Friday’s close of 9334.01. The DAX gained strength after upbeat Germany’s PMI readings and ZEW Economic Sentiment Surveys pointed towards a stabilizing German economy. Germany's ZEW survey, the key measure of investors' sentiment, hit 31.8 points this month, a jump from November's 11.5, against market estimates of 20 points increase. The German flash PMI showed an expansion to 51.2 points after November's 49.5.
The index is trading with a positive market breadth, an advance decline ratio of 19:11. Among the major gainers, shares in Continental AG, Deutsche Telekom AG and ThyssenKrupp AG are up 0.70% to 1.55%. While, Commerzbank AG and RWE AG lost 0.50% to 0.78%.
DAX Technical Levels
The index has an immediate resistance at 9461.53 (Nov 18 High), above which gains could be extended to 9520 (Oct 1 High) levels. Meanwhile, support is seen at 9323.52 (Nov 18 Low) and 9268.63 (Nov 6 Low) levels.