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8 Jan 2015
DAX jumps over 1% on renewed optimism
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, opened the day with a positive gap of 129 points and trades higher, tracking gains from the US overnight and Asia.
Currently, the DAX 30 trades at 9644.30 levels, up 1.33% compared to previous session’s close of 9518.18. The DAX rallied traders in the region hope that the European Central Bank (ECB) will act very soon to revive the struggling economy.
The index is trading with a positive market breadth with an advance decline ratio of 22:8. Among the major losers, Germany's software maker SAP lost 1.63% after the UBS lowered its rating on the stock to 'neutral' from 'buy'. E.ON SE and LANXESS AG declined -1.32% and -0.72% respectively. Among the top gainers, Bayer AG, Fresenius Medical and Deutsche Telekom AG gained 1.34% to 1.78%.
DAX Technical Levels
The index has an immediate resistance at 9716 (10-DMA), above which gains could be extended to 9790.27 (Jan 5 High) levels. Meanwhile, support is seen at 9586 levels and 9508 levels.
Currently, the DAX 30 trades at 9644.30 levels, up 1.33% compared to previous session’s close of 9518.18. The DAX rallied traders in the region hope that the European Central Bank (ECB) will act very soon to revive the struggling economy.
The index is trading with a positive market breadth with an advance decline ratio of 22:8. Among the major losers, Germany's software maker SAP lost 1.63% after the UBS lowered its rating on the stock to 'neutral' from 'buy'. E.ON SE and LANXESS AG declined -1.32% and -0.72% respectively. Among the top gainers, Bayer AG, Fresenius Medical and Deutsche Telekom AG gained 1.34% to 1.78%.
DAX Technical Levels
The index has an immediate resistance at 9716 (10-DMA), above which gains could be extended to 9790.27 (Jan 5 High) levels. Meanwhile, support is seen at 9586 levels and 9508 levels.