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DAX opens above a key resistance

FXStreet (Mumbai) - The German equity index, Dax, has opened above the critical technical level of 8903, after having closed just below the same yesterday.

The Dax is trading 1.04% higher at 8995.80 levels. The index breadth is positive with an advance decline ratio of 30:0. Among the index stocks, Deutsche Telekom, Deutsche Boerse, K&S, and Heildelbergcement have gained more than 2% each. The strength in the German equities has pushed up the Ten-year Bund yield to 0.878%, up from the yesterday’s low of 0.861%.

Moreover, the equity prices recovered yesterday after reports came-in that the European Central Bank (ECB) spent 1.704 billion euros last week on covered bonds under a new purchase program. However, analysts say that the ECB will not get anywhere near the 600-billion-euro mark, if it continues to purchase at the same rate in the future.

Dax Technical levels

The index has an immediate support of 8903 (Aug. 8 low), under which the prices can fall to 8837 levels. Meanwhile, the index can extend its gains today to 9131 levels, if the immediate resistance of 9084 is taken out.

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