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DAX on a longest winning streak since May 2013

FXStreet (Mumbai) - Germany’s Dax index advanced today to post a longest winning streak since May 2013. The German equity markets are now up 16% since the October low on optimism that the falling Euro would benefit German exporters.

The Dax traded 0.77% higher at 9992 levels at the time of writing, compared to the yesterday’s close of 9915.56. The index breadth is positive with an advance-decline ratio of 26:4. Shares in German Chemical and Pharmaceutical company Bayer AG, gained 1.59%, followed by Fresenius SE, up by 1.49%. Other major gainers include shares in Merck, Continental AG, and BASF SE.

On the minus side are shares in German chip-maker Infineon declined 2.21% after positing a sharp rise in the operating profit. Also on the minus side are shares in Thyssenkrupp AG, SAP AG, and Deutsche Bank AG.

The stock prices also received support from the European Central Bank President Mario Draghi’s readiness to act more aggressively if need. Meanwhile, the official data in Germany also showed the unemployment rate at a record low of 6.6% in November.

DAX Technical Levels

The index has a resistance at the psychological figure of 10,000, above which prices can extend gains to 10,030-10,050 levels. Meanwhile, support is seen at 9944.50 and 9891.20 levels.

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