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DAX bounces higher

FXStreet (Mumbai) - The German equity index is making solid gains ahead of the European Central Bank (ECB) rate decision due tomorrow.

The Dax is trading 0.85% higher at 9244.50, at the time of writing. The index breadth is positive with an advance decline ratio of 27:3. The index is being driven by gains in the shares of Adidas AG, Luthansa AG, BMW ST, Daimler AG and Infineon AG. On the other hand, shares in Fresenius SE and Thyssenkrupp AG have posted minor losses.

Meanwhile, there is more economic data due today. Service sector purchasing managers’ indices will be published across the euro zone . A weaker reading, though negative , may be considered positive by the markets today since it would warrant more action from the ECB.

Dax Technical Levels

The index has an immediate resistance located at 9298, above which the prices can rally to 9342 levels. On the flip side, index may fall to 9160 levels, if the immediate support at 9224 is breached.

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