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DAX inches higher, but hangs below 200-DMA

FXStreet (Mumbai) - The Germany’s Dax index moved higher, extending previous session’s gains on the optimism generated by the surprisingly strong Zew survey data released yesterday.

The Dax traded 0.41% higher at 9494.5 levels at the time of writing, compared to the previous session’s close of 9456.53. The index breadth is positive with an advance decline ratio of 23:6. The index is being driven higher by shares in CommerzBank AG, which gained 1.24%, followed by Infineon AG, up 1.2%. On the minus side are stocks like RWE AG ST, down 0.69% and Heidelbergcement AG., down 0.64%. Meanwhile, the telecom sector and the Food and Beverage sector advanced 1.01% and 0.98% respectively.

Dax Technical Levels

The index is currently trading a few points away from the 200 DMA level located at 9507. A failure to rise above the same shall push the index down to 9414 levels. Meanwhile, a break above 9507, shall open doors for 9600 levels.

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