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Germany’s DAX gains on strong Zew data

FXStreet (Mumbai) - The German blue-chip index, Dax, advanced after the German Zew economic sentiment index rose to a 4-month high in November.

The Dax traded 1.12% higher at 9412 levels at the time of writing. All 30 index shares have posted gains with shares in the world’s largest chemical company by sales, BASF SE, leading the way with 2.07% gains. Other top gainers include Heidelbergcement AG, Volkswagen AG VZO, Linde AG, and Merck. Moreover, the index is being pushed higher by Construction sector, Chemical sector and Utilities sector stocks.

The equities rallied after ZEW Indicator for Economic Sentiment climbed to 11.5 from -3.6 in October, while blowing past the expectation of 0.5 reading. Meanwhile, the current conditions index of the survey edged up to 3.3 from 3.2 in the previous month and the economic sentiment index for Eurozone gained 6.9 points to 11 in November.

DAX Technical Levels

The index currently trades very close to the immediate resistance located at 9415, above which the prices may re-test the daily high of 9434.80. Meanwhile, a failure to rise above 9415 may push the index down to 9350 levels.

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