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21 May 2015
DAX in red post EZ PMIs
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened on a weaker note, with a negative gap of nearly 40 points as markets were left unimpressed after the PMI report missed estimates and as talks on Greece are due to resume at the EU Summit in Riga.
Currently, the DAX 30 trades -0.29% lower at 11814 levels, easing off 11833.30 highs. The DAX trades subdued following the euro zone's flash PMI reports and UK retail sales data, with traders remain cautious awaiting Greece headlines from the EU Summit later today. While stronger euro also weighs on the exporters’ stocks, dragging the index lower.
The index is seen trading with a negative market breadth, the advance-decline ratio being 7:23. RWE AG is the top gainer up 0.72% followed by Deutsche Post up 0.50%. While SAP is down -1.97% on the day, followed by BMV which is losing -1.47%.
DAX Technical Levels
The index has an immediate resistance at 11885. Meanwhile, support is seen at 11700 levels and 11619 levels.
Currently, the DAX 30 trades -0.29% lower at 11814 levels, easing off 11833.30 highs. The DAX trades subdued following the euro zone's flash PMI reports and UK retail sales data, with traders remain cautious awaiting Greece headlines from the EU Summit later today. While stronger euro also weighs on the exporters’ stocks, dragging the index lower.
The index is seen trading with a negative market breadth, the advance-decline ratio being 7:23. RWE AG is the top gainer up 0.72% followed by Deutsche Post up 0.50%. While SAP is down -1.97% on the day, followed by BMV which is losing -1.47%.
DAX Technical Levels
The index has an immediate resistance at 11885. Meanwhile, support is seen at 11700 levels and 11619 levels.