18 Dec 2014
DAX jumps 2% on Improved Business Conditions
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, opened with a positive gap of 179 points and continued to edge lower during the mid-European session, on bullish German Ifo Business Climate data.
Currently, the DAX 30 trades at 9728.50 levels, up 1.93%, compared to yesterday’s close of 9544.43. The DAX climbed higher after Germany's Ifo index improved in December and Britain's retail sales rose more than expected. The DAX is elevated also as oil prices rebounded and global equities rallied.
The index is trading with a positive market breadth with an advance decline ratio of 23:7. LANXESS AG and Volkswagen AG are top gainers on the index gaining 3.21% and 2.6% respectively. Henkel AG & Co KGaA is the top loser, down -1.10%.
DAX Technical Levels
The index has an immediate resistance at 9777.67 (200-day SMA), above which gains could be extended to 9800 levels. Meanwhile, support is seen at 9616.09 (50-day SMA) and 9575.31 (10-day SMA) levels.
Currently, the DAX 30 trades at 9728.50 levels, up 1.93%, compared to yesterday’s close of 9544.43. The DAX climbed higher after Germany's Ifo index improved in December and Britain's retail sales rose more than expected. The DAX is elevated also as oil prices rebounded and global equities rallied.
The index is trading with a positive market breadth with an advance decline ratio of 23:7. LANXESS AG and Volkswagen AG are top gainers on the index gaining 3.21% and 2.6% respectively. Henkel AG & Co KGaA is the top loser, down -1.10%.
DAX Technical Levels
The index has an immediate resistance at 9777.67 (200-day SMA), above which gains could be extended to 9800 levels. Meanwhile, support is seen at 9616.09 (50-day SMA) and 9575.31 (10-day SMA) levels.