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15 Dec 2014
DAX climbs higher on oil prices rebound
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, reversed losses from the previous session and traded firmer, as rebound in global equities supports the upside in the index.
Currently, the DAX 30 trades at 9654.80 levels, up 0.62%, compared to Friday’s close of 9594.73. The DAX regained strength as rallying oil prices supported metals and energy stocks on the index. The index remains elevated ahead of series of important Euro zone economic data to be released in the week ahead. The index breadth is trading positive with an advance decline ratio of 28:2.
Among the major gainers, LANXESS AG, Deutsche Post AG and Fresenius Medical Care AG & Co KGaA gained 1% to 2%. The top loser was RWE AG which was losing 1.09%.
DAX Technical Levels
The index has an immediate resistance at 9699.16 (10-day SMA), above which gains could be extended to 9711.77(Nov 24 Low) levels. Meanwhile, support is seen at 9617.70 (Sept 24 Low) and 9600 (Sept 15 Low) levels.
Currently, the DAX 30 trades at 9654.80 levels, up 0.62%, compared to Friday’s close of 9594.73. The DAX regained strength as rallying oil prices supported metals and energy stocks on the index. The index remains elevated ahead of series of important Euro zone economic data to be released in the week ahead. The index breadth is trading positive with an advance decline ratio of 28:2.
Among the major gainers, LANXESS AG, Deutsche Post AG and Fresenius Medical Care AG & Co KGaA gained 1% to 2%. The top loser was RWE AG which was losing 1.09%.
DAX Technical Levels
The index has an immediate resistance at 9699.16 (10-day SMA), above which gains could be extended to 9711.77(Nov 24 Low) levels. Meanwhile, support is seen at 9617.70 (Sept 24 Low) and 9600 (Sept 15 Low) levels.