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Can the DAX begin to form support again?


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

The DAX is beginning to give off mixed signals as the market has just found some support since Friday.

Closing higher on the day the candlestick was actually negative across the session as the market closed below the open.

However, there was also a higher low and the slide in the momentum indicators which has been developing in recent weeks has begun to settle down.

Another early drop back in today’s session has been supported, with another daily higher low currently in place.

  • This means that 13,143 is now key support with 13,158 and now 13,181 beginning to forge support.

Is this the process of the market forming a higher low?

Today’s candle has left a higher high for the first session in four however so far the market is trading down on the day.

This mixed outlook is reflected on the hourly chart but would lean more negative is the hourly RSI continues to fail around 50 and the hourly MACD lines fail under neutral.

  • Initial resistance remains around 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.