7 May 2015
DAX drops amid poor earnings reports, UK election
FXStreet (Mumbai) - Germany’s benchmark index, the DAX recovered from lows, albeit remains in red following a set of earnings reports while traders in London cautious as the general election in the country kicks off.
Currently, the DAX 30 trades lower by -0.87% at 11256 levels, retreating from 11166.50 session lows. The DAX edged lower after upbeat German factory orders failed to lift the stock amid heightening nervousness ahead of the outcome of the Britain polls. Also, ongoing Greece crisis before Monday’s Euro group meeting also weighs on investors’ sentiments.
The index is seen trading with a negative market breadth, the advance-decline ratio being 6:24. E.ON SE is the top gainer up 1.19%, followed by Infineon Technologies gaining 0.32%. Allianz SE is the top loser so far, down -4.27% on the day. While LANXESS AG slides -2.71%.
DAX Technical Levels
The index has an immediate resistance at 11400. Meanwhile, support is seen at 11150 levels and 11k levels.
Currently, the DAX 30 trades lower by -0.87% at 11256 levels, retreating from 11166.50 session lows. The DAX edged lower after upbeat German factory orders failed to lift the stock amid heightening nervousness ahead of the outcome of the Britain polls. Also, ongoing Greece crisis before Monday’s Euro group meeting also weighs on investors’ sentiments.
The index is seen trading with a negative market breadth, the advance-decline ratio being 6:24. E.ON SE is the top gainer up 1.19%, followed by Infineon Technologies gaining 0.32%. Allianz SE is the top loser so far, down -4.27% on the day. While LANXESS AG slides -2.71%.
DAX Technical Levels
The index has an immediate resistance at 11400. Meanwhile, support is seen at 11150 levels and 11k levels.