19 Aug 2015
DAX dives to fresh 6-week lows ahead of FOMC
FXStreet (Mumbai) - Germany’s benchmark index, the DAX extends its recent run of losses and dives further in to the red as concerns over China continued to weigh negatively on the investors’ sentiments.
Currently, the DAX 30 trades over 1% lower at 10790, bouncing-off 11733.50 lows. German stocks prolong its downward trajectory amid renewed fears over China's economy, with earnings results from the region's major companies also dampening the mood. While investors cautiously await the Federal Reserve meeting minutes later in the day.
The index trades with an absolute negative market breadth with all stocks on the losing end. Speciality chemicals company LANXESS AG is the top loser, down -3.70% followed by ThyssenKrupp AG which is losing -2.26%. Another company from the chemical industry tanks -1.97%.
DAX Technical Levels
The index has an immediate resistance at 11k. Meanwhile, support is seen at 11733 levels and 11652 levels.
Currently, the DAX 30 trades over 1% lower at 10790, bouncing-off 11733.50 lows. German stocks prolong its downward trajectory amid renewed fears over China's economy, with earnings results from the region's major companies also dampening the mood. While investors cautiously await the Federal Reserve meeting minutes later in the day.
The index trades with an absolute negative market breadth with all stocks on the losing end. Speciality chemicals company LANXESS AG is the top loser, down -3.70% followed by ThyssenKrupp AG which is losing -2.26%. Another company from the chemical industry tanks -1.97%.
DAX Technical Levels
The index has an immediate resistance at 11k. Meanwhile, support is seen at 11733 levels and 11652 levels.