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21 Apr 2015
DAX trims gains post ZEW, back below 12k
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened on firmer note with a positive gap of nearly 90 points as traders anticipated upbeat ZEW surveys. However, the gains were capped as the ZEW data disappointed markets and dragged the index lower.
Currently, the DAX 30 trades higher by 0.71% at 11978.50 levels, retreating from 12079 fresh session highs. The DAX remains elevated as a weaker euro on downbeat German ZEW economic sentiment data continues to underpin the export oriented stocks While upbeat corporate earnings results also added to the upside in the DAX.
The index is seen trading with a positive market breadth, the advance-decline ratio being 21:9. SAP SE is the top gainer, up 2.47% after the company’s first quarter sales topped estimates, followed by Continental AG which is up 1.85%. On the losing end, Muenchener Rueckversicherungs-Gesellschaft AG is down -1.90%, followed by RWE AG, losing -1.86%.
DAX Technical Levels
The index has an immediate resistance at 12100. Meanwhile, support is seen at 11880 levels and 11700 levels.
Currently, the DAX 30 trades higher by 0.71% at 11978.50 levels, retreating from 12079 fresh session highs. The DAX remains elevated as a weaker euro on downbeat German ZEW economic sentiment data continues to underpin the export oriented stocks While upbeat corporate earnings results also added to the upside in the DAX.
The index is seen trading with a positive market breadth, the advance-decline ratio being 21:9. SAP SE is the top gainer, up 2.47% after the company’s first quarter sales topped estimates, followed by Continental AG which is up 1.85%. On the losing end, Muenchener Rueckversicherungs-Gesellschaft AG is down -1.90%, followed by RWE AG, losing -1.86%.
DAX Technical Levels
The index has an immediate resistance at 12100. Meanwhile, support is seen at 11880 levels and 11700 levels.