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Germany’s DAX pares gains

FXStreet (Mumbai) - The German blue-chip index, Dax, is inching lower after facing rejection at a technical resistance. Moreover, the index was pushed higher by a rise in telecommunications and consumer goods stocks.

The Dax is trading 0.18% higher at 9368, after facing rejection at the day’s high of 9398. The index breadth is positive with an advance decline ratio of 16:14. Shares in German consumer goods group Henkel rose 3.8%, after it reported a better-than-expected third-quarter earnings. Mid cap construction group Hochtief rose 2.5% after it reported a 12 percent rise in underlying third-quarter net profit, beating market expectations. Meanwhile, Among the losers are stocks like Fresenius SE, Heidelbergcement AG., Daimler AG, and Continental AG.

Moreover, the earnings scorecard in Germany is broadly in line with the European average. Around 58 percent of German companies which have reported results so far have met or beaten expectations.

Dax Techncial Levels

The index has an immediate resistance at 9414, above which the prices can rise to 9467 levels. Meanwhile, a break below 9342 may push the prices down to 9300 levels.

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