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20 Apr 2015
DAX rebounds sharply from 3-week lows
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened the week on firmer note, posing a solid recovery from fresh 3-week lows reached in the previous session, on the latest Chinese stimulus announcement boosting investors’ sentiment.
Currently, the DAX 30 trades higher by -1.12% at 11820 levels, retreating from 11851.80 fresh session highs. The DAX trades elevated following other European counterparts after the People's Bank of China (PBoC) slashed the reserve requirement ratio to 18.5% from 19.5% on Sunday in order to boost slowing economic growth, lifted mood among traders. While, Greece concerns remain in the spotlight.
The index is seen trading with a positive market breadth, the advance-decline ratio being 27:3. Fresenius SE & Co is the top gainer, up 3.15% followed by ThyssenKrupp AG which is up 2.43%. On the losing end, Volkswagen AG is down -1.18%, followed by E.ON SE losing -0.78%.
DAX Technical Levels
The index has an immediate resistance at 12k. Meanwhile, support is seen at 11620 levels and 11400 levels.
Currently, the DAX 30 trades higher by -1.12% at 11820 levels, retreating from 11851.80 fresh session highs. The DAX trades elevated following other European counterparts after the People's Bank of China (PBoC) slashed the reserve requirement ratio to 18.5% from 19.5% on Sunday in order to boost slowing economic growth, lifted mood among traders. While, Greece concerns remain in the spotlight.
The index is seen trading with a positive market breadth, the advance-decline ratio being 27:3. Fresenius SE & Co is the top gainer, up 3.15% followed by ThyssenKrupp AG which is up 2.43%. On the losing end, Volkswagen AG is down -1.18%, followed by E.ON SE losing -0.78%.
DAX Technical Levels
The index has an immediate resistance at 12k. Meanwhile, support is seen at 11620 levels and 11400 levels.