DAX Index Rose Before The ECB Press Conference
DAX, benchmark index of Germany, opened a bit lower today, following diverse signals from the markets in Asia, who were influenced by the pessimistic macro data for China. But the index started rising from that point, with the traders impatiently waiting for the ECB (European Central Bank) press conference, which will shed more light on the bond-buying program.
DAX 30 currently trades at 12283.8 levels, a 0.44% increase. But the DAX 30 is under 12324.5 high level. The trades of DAX rose during the period in which the Euro weakens. This supports stocks that are export oriented, while the markets prepare for the first European Central Bank meeting following the launch of the QE. Draghi is expected to appreciate the QE positive effects.
With the ratio of advance-decline at 24:6, the DAX is trading positively on the market. The biggest gainer is the Continental AG, which rose 1.95%, with LANXESS AG following with a 1.8% hike. On the other side of the specter, Deutsche AG fell by 0.31%.
The resistance level for the DAX index is at 12400, and the support levels are set at 12180 and 12000.