24 Jun 2015
DAX keeps red post Ifo, eyes Euro group
FXStreet (Mumbai) - Germany’s benchmark index, the DAX edged lower on Wednesday, reversing two consecutive days of gains as deteriorating business conditions in German weighed on investors’ sentiment while markets eye for any updates on the Greek story.
Currently, the DAX 30 trades -0.24% lower at 11515.50 levels, easing-off fresh session highs reached at 11588.80. The DAX dropped to lows in a delayed reaction as Germany's Ifo index missed estimates. Moreover, strengthening EUR/USD also dented exporters’ stocks, dragging the index lower.
The index is seen trading with a negative market breadth, with advance-decline ratio of 12:18. RWE AG is the top gainer up 3.27%, followed by Merck KGaA up 1%. While BMW is the biggest loser, down -1.18%, followed by Volkswagen AG which is losing -0.67%.
DAX Technical Levels
The index has an immediate resistance at 11588. Meanwhile, support is seen at 11400 levels and 11240 levels.
Currently, the DAX 30 trades -0.24% lower at 11515.50 levels, easing-off fresh session highs reached at 11588.80. The DAX dropped to lows in a delayed reaction as Germany's Ifo index missed estimates. Moreover, strengthening EUR/USD also dented exporters’ stocks, dragging the index lower.
The index is seen trading with a negative market breadth, with advance-decline ratio of 12:18. RWE AG is the top gainer up 3.27%, followed by Merck KGaA up 1%. While BMW is the biggest loser, down -1.18%, followed by Volkswagen AG which is losing -0.67%.
DAX Technical Levels
The index has an immediate resistance at 11588. Meanwhile, support is seen at 11400 levels and 11240 levels.