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DAX stuck at Technical Resistance

FXStreet (Mumbai) - The gains in the German blue-chip index Dax, were halted today near the technical resistance levels of short-term moving averages.

The DAX traded 0.87% higher at 9276, after hitting a high of 9310. Moreover, the index failed to sustain gains above the 5-day and the 10-day moving average levels at 9296 and 9291 respectively. However, the index is trading well above the daily 50 day moving average level at 9203.00.

The index breadth is positive with an advance decline ratio of 27:3. Among the index top gainers are shares in Merck, Adidas AG, K&S AG, and Continental AG. On the other hand, shares in RWE AG declined 2.52% after the company said the sale of its Dea oil and gas unit to a group led by Russian billionaire Mikhail Fridman may be delayed due to regulatory hurdles.

The stock markets were also buoyed by the German CPI data released earlier today, which confirmed CPI in October at 0.8% year-over-year.

Dax Technical Levels

The index has an immediate resistance at 9310, above which it can rise to 9326 (100 SMA). Meanwhile, the support is seen at 9203 (50 SMA), under which prices can fall to 9186 levels.

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