FXStreet (Mumbai) – The European stocks extended gains for the second day, taking cues from the risk-on sentiment in the Asian markets.
Two-week range breached
At the time of writing, the Pan-European Euro Stoxx 600 index was up 2.15% at 366.71 levels. The index gapped higher and confirmed a breach of two week range of 363.97-350.69. The rally in the Asian and European equities lacked fresh fundamental trigger.
Among regional indices, Germany’s DAX advanced 1.65% and London’s FTSE advanced 2.00%. The equities in the UK remain resilient to the dismal UK industrial production and trade deficit figure released earlier today.
Euro Stoxx 600 Technical Levels
The immediate resistance is located at 371.33 (July 8 low), ahead of the major hurdle at 381.73 (Aug 12 low). On the other side, support is seen at 363.97 (Sep 3 low) and 350.69 (Sep 1 low).
(Market News Provided by FXstreet)