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DAX trades above 9000

FXStreet (Mumbai) - The German blue chip index, Dax, has opened higher today to trade above the 9000 level. However, the index is inching lower ahead of the German IFO data for October.

The DAX is trading 0.68% higher at 9049.50, down from the day’s high of 9084. The index breadth is positive with just one stock trading in the red. The multinational chemical corporation, BASF, has lost 1.54% after it lowered its outlook for 2015 and reported a 4.8% fall in the Q3 profits. Meanwhile, Commerzbank and Deutsche Bank shares are trading 4.76% and 2.16% higher.

Moreover, the markets are surprised since the German banks emerged as winners of the European bank stress test. High quality global journalism requires investment. Only one of Germany’s 24 banks failed the test of capital strength and none fell short after 2014 capital hikes were taken into account.

DAX Technical levels

Dax has an immediate support at 9050 (Aug 12th low), below which the index can test 9025 levels. On the other hand, prices may rally to 9140 levels if the day’s high of 9084 is taken out.

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