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Bulls in control as DAX remains a buy into weakness


DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)

 

A close above old all-time highs has maintained the positive outlook for the DAX.

Yesterday’s intraday price action was key as the market filled the opening gap higher and then rallied to close strongly higher.

This reflects a positive outlook in the market and that intraday weakness is seen as a chance to buy.

That means the early slip back today will likely be seen in the same light.

The uptrend of the past few weeks comes in around 12,770 so there is still room for a slip back, but the strength of momentum suggest that corrections remain an opportunity.

  • An early slide today is unwinding hourly momentum and could suggest further correction today, but the hourly chart shows support between 12,840/12,885.
  • The late high from yesterday at 12,975 is now resistance with 13,000 now a round number barrier to watch.


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