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16 Jul 2015
Auto stocks drive DAX to 2-month highs, ECB eyed
FXStreet (Mumbai) - Germany’s benchmark index, the DAX extends its upward trajectory for the seventh day in a row and surged to fresh 2-month highs, as markets cheer the Greek acceptance of bailout reforms overnight, awaiting ECB Draghi’s comments on Greece.
Currently, the DAX 30 jumps 1.44% to trade at two month highs of 11715.30, finding support at 11600. German stocks rally boosted by news that Greece would accept austerity measures to secure further financing, while the key event for the day is the European Central Bank's (ECB) press conference.
Moreover, tumbling EUR/USD on rising greenback also lends support to the export stocks, pushing index higher.
The index trades with a clear positive market breadth with all emerging winners. Volkswagen AG is the top gainer, up 3%, followed by BMW AG which is advancing 2.78%. Daimler AG is also advancing over 2.50%
DAX Technical Levels
The index has an immediate resistance at 11790. Meanwhile, support is seen at 11600 levels and 11414 levels.
Currently, the DAX 30 jumps 1.44% to trade at two month highs of 11715.30, finding support at 11600. German stocks rally boosted by news that Greece would accept austerity measures to secure further financing, while the key event for the day is the European Central Bank's (ECB) press conference.
Moreover, tumbling EUR/USD on rising greenback also lends support to the export stocks, pushing index higher.
The index trades with a clear positive market breadth with all emerging winners. Volkswagen AG is the top gainer, up 3%, followed by BMW AG which is advancing 2.78%. Daimler AG is also advancing over 2.50%
DAX Technical Levels
The index has an immediate resistance at 11790. Meanwhile, support is seen at 11600 levels and 11414 levels.