19 Jan 2015
DAX hits fresh all time highs
FXStreet (Mumbai) - The Germany’s benchmark index Dax opened at record high levels as markets anticipate a bigger-than-expected QE program from the European Central Bank later this week.
The index currently trades 0.51% higher at 10,219 levels, compared to the previous session’s record high closing level at 10,167 levels. The index opened at a record high level of 10,246.80 levels, before inching lower. The index breadth is positive with an advance-decline ratio of 29:1. Among stocks, Merck is the biggest gainer for the day; up 1.39%, followed by a 1.12% gain in Adidas AG. On the other hand, Beiersdorf AG is down 0.21%.
The German equity markets have rallied on expectations that the European Central Bank (ECB) would announce a sovereign QE program at its Jan. 22nd meet. Moreover, the expectations were further bolstered after the Swiss National Bank ditched the EUR/CHF floor, a move which markets believe was triggered by expectations of a big QE program from the ECB.
DAX Technical Levels
The index has an immediate support at 10,207, under which losses could be extended to 10,093 levels. Meanwhile, resistance is seen at 10,246.80 levels.
The index currently trades 0.51% higher at 10,219 levels, compared to the previous session’s record high closing level at 10,167 levels. The index opened at a record high level of 10,246.80 levels, before inching lower. The index breadth is positive with an advance-decline ratio of 29:1. Among stocks, Merck is the biggest gainer for the day; up 1.39%, followed by a 1.12% gain in Adidas AG. On the other hand, Beiersdorf AG is down 0.21%.
The German equity markets have rallied on expectations that the European Central Bank (ECB) would announce a sovereign QE program at its Jan. 22nd meet. Moreover, the expectations were further bolstered after the Swiss National Bank ditched the EUR/CHF floor, a move which markets believe was triggered by expectations of a big QE program from the ECB.
DAX Technical Levels
The index has an immediate support at 10,207, under which losses could be extended to 10,093 levels. Meanwhile, resistance is seen at 10,246.80 levels.