25 Mar 2015
DAX declines, shrugs off solid Ifo data
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened on a negative note taking cues from Asian equities and further extended losses as upbeat German Ifo Business Climate reading failed to lift the index
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Currently, the DAX 30 trades lower by -0.28% and trades at 11972.80 levels, bouncing-off day’s highs at 12022 levels reached before the data release. The DAX failed to sustain at higher levels and edged back in red, shrugging off the Ifo business survey that came in stronger than the market had projected.
Moreover, traders remained cautious on various media reports that stated that that Greece will run out of money by April 20 unless it receives a fresh financial extension from its creditors.
The index is seen trading with a positive market breadth, advance-decline ratio being 17:13. BMW is the top gainer, up 1.30% followed by ThyssenKrupp AG gaining 0.90%. On the losing end, Deutsche Lufthansa AG is down -0.70% followed by Beiersdorf AG which is lower by -0.60%.
DAX Technical Levels
The index has an immediate resistance at 12022. Meanwhile, support is seen at 11900 levels and 11797 levels.
.
Currently, the DAX 30 trades lower by -0.28% and trades at 11972.80 levels, bouncing-off day’s highs at 12022 levels reached before the data release. The DAX failed to sustain at higher levels and edged back in red, shrugging off the Ifo business survey that came in stronger than the market had projected.
Moreover, traders remained cautious on various media reports that stated that that Greece will run out of money by April 20 unless it receives a fresh financial extension from its creditors.
The index is seen trading with a positive market breadth, advance-decline ratio being 17:13. BMW is the top gainer, up 1.30% followed by ThyssenKrupp AG gaining 0.90%. On the losing end, Deutsche Lufthansa AG is down -0.70% followed by Beiersdorf AG which is lower by -0.60%.
DAX Technical Levels
The index has an immediate resistance at 12022. Meanwhile, support is seen at 11900 levels and 11797 levels.