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22 Jun 2015
DAX jumps to 2-week highs on Greece optimism
FXStreet (Mumbai) - Germany’s benchmark index, the DAX rebounded more than 3% in today’s trade so far boosted by hopes that Greek deal will be clinched soon after Athens presented new reform proposal.
Currently, the DAX 30 trades 3% higher at 11360 levels, easing-off fresh two week highs reached at 11422.50. The DAX reversed previous losses and bounced-back sharply as Greece and euro zone officials are due to meet later in the day amid growing optimism that a default will be averted. While broad euro weakness also supports exporters’ stocks, pushing the index higher.
The index is seen trading with a clear positive market breadth, with all stock on the winning side. BMW AG is the top gainer up 5.03%, followed by Deutsche Telekom AG up 4.11% and BASF SE which is up almost 4%.
DAX Technical Levels
The index has an immediate resistance at 11460. Meanwhile, support is seen at 11200 levels and 11k levels.
Currently, the DAX 30 trades 3% higher at 11360 levels, easing-off fresh two week highs reached at 11422.50. The DAX reversed previous losses and bounced-back sharply as Greece and euro zone officials are due to meet later in the day amid growing optimism that a default will be averted. While broad euro weakness also supports exporters’ stocks, pushing the index higher.
The index is seen trading with a clear positive market breadth, with all stock on the winning side. BMW AG is the top gainer up 5.03%, followed by Deutsche Telekom AG up 4.11% and BASF SE which is up almost 4%.
DAX Technical Levels
The index has an immediate resistance at 11460. Meanwhile, support is seen at 11200 levels and 11k levels.