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Germany’s DAX trades at more than two-month high

FXStreet (Mumbai) - The German blue-chip index extended gains today to trade above a key technical resistance level today. The index is trading at a more than two-month high today.

The DAX traded 0.68% higher at 9925.30 levels at the time of writing. The index is trading comfortably above the previous cyclical high of 9891.20 hit on Sept. 19 this year. The index breadth is positive with an advance decline ratio of 26:4. The utilities and the Telecom stocks have gained 2.62% and 1.22% respectively. Meanwhile, Construction stocks declined 0.47%.

Shares in Germany’s largest power producer, RWE AG, gained 3.63%, followed by the 2.08% gain in shares of EON SE. Other major gainers include shares in Lanxess AG, Linde AG, and Deutsche Bank AG.

On the minus side are shares in Heidelbergcement, down 0.76%, followed by a 0.49% decline in shares of Continental AG. Bayer AG also weakened by 0.34%.

Moreover, the German equities have rallied since last ten odd sessions on hopes that the expansion of stimulus by the European Central Bank (ECB) would weaken Euro and benefit the German exporters.

DAX Technical Levels

The index has an immediate support at 9891.20, under which prices can fall to 9773.70 levels. Meanwhile, psychological resistance is seen at 10,000 levels, followed by a technical resistance located at 10,050.98 (June 2014 high).

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