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Dax sees chart driven recovery, gains 1%

FXStreet (Mumbai) - The German equity markets have inched higher today after a more than 12% fall witnessed in the last thirty days.

The Dax is trading 1.17% higher at 8683 levels, inching closer to a technical resistance of 8702 levels. The recovery seen today may be a technical one, since the hourly and the daily RSI hit the oversold levels.

Among the index stocks, the Car parts and Tyre maker Continental AG is the biggest gainer so far, trading up by 3.57%. The Airliner Lufthansa has gained 2.33%, while the Infenion AG is up 3.73%. All 30 shares of the index are trading in the green.

No major data are due out of the Eurozone today. However, a few European Central Bank (ECB) policy makers are scheduled to speak later in the day.

Dax Technical levels

The index has an immediate resistance of 8702, above which prices can rise to 8800 levels. On the contrary, failure to sustain above the 8600 levels can push the index back to 8400 levels.

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