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Bulls grasp control but can they find the traction?

DAX futures (Mar 2018 contract FDXH8, continuation contract is FDXc1)

The choppy and uncertain moves of recent days have taken on a more positive outlook as the market has begun to climb back to test the high of the week again.

This is now taking the momentum indicators higher as the bulls seem to be coming off stronger now.

  • As the bulls are grasping control early in the European session, the resistance $13,336/13,346 will be a key factor today.

An upside break would open 13,422 which is the January high.

The hourly chart shows the hourly RSI is now ticking over 70 and at a level where the spike higher peaked on Tuesday so this will be a key test of how strong the bulls are now.

If this is a range play then this is around where the market is likely to struggle.

  • There is a pivot around 13,250 now and this is a basis of support above the 13,192 lows from yesterday.
  • Initial support is at 13,300.


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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.