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23 Feb 2015
DAX slips from record highs as IFO misses estimates
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, opened higher with a 92 points gap, and rallied further to record highs following its European counterparts as euro zone finance ministers sealed a deal over
extending Greece's loan by four months.
Currently, the DAX 30 trades higher by 0.30% at 11083 levels, having previously posted all-time highs at 11157.80 levels. The DAX retreated from day’s highs and trimmed gains after downbeat German Ifo survey which came in worse than market expectations. The index, however, remains supported ahead of Greece’s submission of a list of reforms that have to be approved by all euro zone member countries.
The index is seen trading with a negative market breadth with an advance decline ratio of 12:18. Among major gainers, Merck AG is the top gainer, up 1.51%, followed by Fresenius Medical up nearly 0.84%. While, Deutsche Lufthansa AG is the top loser, down -2.41%.
DAX Technical Levels
The index has an immediate resistance at 11157.80. Meanwhile, support is seen at 11k levels and 10850 levels.
extending Greece's loan by four months.
Currently, the DAX 30 trades higher by 0.30% at 11083 levels, having previously posted all-time highs at 11157.80 levels. The DAX retreated from day’s highs and trimmed gains after downbeat German Ifo survey which came in worse than market expectations. The index, however, remains supported ahead of Greece’s submission of a list of reforms that have to be approved by all euro zone member countries.
The index is seen trading with a negative market breadth with an advance decline ratio of 12:18. Among major gainers, Merck AG is the top gainer, up 1.51%, followed by Fresenius Medical up nearly 0.84%. While, Deutsche Lufthansa AG is the top loser, down -2.41%.
DAX Technical Levels
The index has an immediate resistance at 11157.80. Meanwhile, support is seen at 11k levels and 10850 levels.