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20 May 2015
DAX slips on profit-taking, Fed minutes eyed
FXStreet (Mumbai) - Germany’s benchmark index, the DAX eased-off three week highs and turned in red, despite rallying Asian equities, mainly driven by profit-taking after the recent upsurge. While traders keep an eye on the meeting minutes from the US Fed.
Currently, the DAX 30 trades -0.51% lower at fresh session lows of 11795 levels. The DAX extends losses after BOE failed to offer any new surprises and as traders continue to lock-in gains before Fed minutes later in the day which may provide fresh cues.
The index is seen trading with a positive market breadth, the advance-decline ratio being 18:12. E.ON SE is the top gainer up 1.18% followed by Infineon Technologies up 1.05%. While Fresenius Medical is down -0.89% on the day, followed by Bayer AG which is losing -0.75%.
DAX Technical Levels
The index has an immediate resistance at 11885. Meanwhile, support is seen at 11700 levels and 11619 levels.
Currently, the DAX 30 trades -0.51% lower at fresh session lows of 11795 levels. The DAX extends losses after BOE failed to offer any new surprises and as traders continue to lock-in gains before Fed minutes later in the day which may provide fresh cues.
The index is seen trading with a positive market breadth, the advance-decline ratio being 18:12. E.ON SE is the top gainer up 1.18% followed by Infineon Technologies up 1.05%. While Fresenius Medical is down -0.89% on the day, followed by Bayer AG which is losing -0.75%.
DAX Technical Levels
The index has an immediate resistance at 11885. Meanwhile, support is seen at 11700 levels and 11619 levels.