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5 Feb 2015
DAX muted, despite upbeat Euro zone forecast
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, remained subdued as traders still digested ECB’s decision to cancel its acceptance of Greek bonds in return for funding.
Currently, the DAX 30 traded flat at 10,913.50 levels, moving away from day’s highs posted at 109227.50 levels. The DAX remained lower as traders ignored ECB's economic bulletin, which stated that inflation will rise gradually, while the EC's winter forecast which also painted a bright picture. Traders continued to monitor Greece debt deal negotiations for further cues.
The index is seen trading with a positive market breadth with an advance decline ratio of 19:10. Among major gainers, K+S AG leads the index gaining 1.53%. On the losing end, RWE AG, E.ON SE and Merck KGaA are down -0.48% to -3.06%.
DAX Technical Levels
The index has an immediate resistance at 10984. Meanwhile, support is seen at 10770 levels and 10650 levels.
Currently, the DAX 30 traded flat at 10,913.50 levels, moving away from day’s highs posted at 109227.50 levels. The DAX remained lower as traders ignored ECB's economic bulletin, which stated that inflation will rise gradually, while the EC's winter forecast which also painted a bright picture. Traders continued to monitor Greece debt deal negotiations for further cues.
The index is seen trading with a positive market breadth with an advance decline ratio of 19:10. Among major gainers, K+S AG leads the index gaining 1.53%. On the losing end, RWE AG, E.ON SE and Merck KGaA are down -0.48% to -3.06%.
DAX Technical Levels
The index has an immediate resistance at 10984. Meanwhile, support is seen at 10770 levels and 10650 levels.