17 Mar 2015
DAX drops nearly 1%, shrugs off upbeat EMU data
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened on a softer note and fell further into losses on a bout profit-taking after the index surged to fresh all-time highs in the previous session strongly bid above 12200 levels.
Currently, the DAX 30 tanked -1% at 12045 levels, bouncing-off record highs at 12219.05 levels reached in the previous session. The DAX snapped its uptrend and the index was heavily sold-off as traders resorted to lock in gains after the recent QE-backed rally, despite EMU CPI and economic sentiment coming out better than market forecasts.
The index is seen trading with a negative market breadth, advance-decline ratio being 2:28. The only winner on the index was Fresenius SE & Co marginally up 0.11%. While on the losing end, LANXESS AG is down -2.05% followed by Commerzbank AG lower by -1.56%.
DAX Technical Levels
The index has an immediate resistance at 12150. Meanwhile, support is seen at 12000 levels and 11900 levels.
Currently, the DAX 30 tanked -1% at 12045 levels, bouncing-off record highs at 12219.05 levels reached in the previous session. The DAX snapped its uptrend and the index was heavily sold-off as traders resorted to lock in gains after the recent QE-backed rally, despite EMU CPI and economic sentiment coming out better than market forecasts.
The index is seen trading with a negative market breadth, advance-decline ratio being 2:28. The only winner on the index was Fresenius SE & Co marginally up 0.11%. While on the losing end, LANXESS AG is down -2.05% followed by Commerzbank AG lower by -1.56%.
DAX Technical Levels
The index has an immediate resistance at 12150. Meanwhile, support is seen at 12000 levels and 11900 levels.