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12 Mar 2015
DAX backs-off from record highs
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened slightly at record highs, however surrendered gains and trades flat putting a halt to European Central Bank (ECB) started its asset-purchasing program induced rally.
Currently, the DAX 30 trades flat at 11805.40 levels, bouncing-off record highs at 18831.80 levels. The DAX edged lower despite comments from ECB Executive Board member Benoit Coeure said that the Eurosystem banks bought EUR9.8 billion worth of sovereign bonds in three days of the program, adding that the asset purchases may last longer.
The index is seen trading with a positive market breadth, advance-decline ratio being 21:9. Among major gainers, Daimler AG is the top gainer, up 1.15%, followed by Merck KGaA up 0.64%. On the losing end, Deutsche Lufthansa is down -2.55% followed by Deutsche Post AG lower by -2.39%.
DAX Technical Levels
The index has an immediate resistance at 18831.80 Meanwhile, support is seen at 11700 levels and 11587 levels.
Currently, the DAX 30 trades flat at 11805.40 levels, bouncing-off record highs at 18831.80 levels. The DAX edged lower despite comments from ECB Executive Board member Benoit Coeure said that the Eurosystem banks bought EUR9.8 billion worth of sovereign bonds in three days of the program, adding that the asset purchases may last longer.
The index is seen trading with a positive market breadth, advance-decline ratio being 21:9. Among major gainers, Daimler AG is the top gainer, up 1.15%, followed by Merck KGaA up 0.64%. On the losing end, Deutsche Lufthansa is down -2.55% followed by Deutsche Post AG lower by -2.39%.
DAX Technical Levels
The index has an immediate resistance at 18831.80 Meanwhile, support is seen at 11700 levels and 11587 levels.