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DAX analysis 05/09/2017


DAX futures (Sept 2017 contract is FDXU7 and expires on 15th Sept, continuation contract is FDXc1)

 

There is a definite sense that the sentiment is turning more positive on DAX futures now.

Selling as a result of the renewed North Korean tensions has not seemed to really take hold and the burgeoning positive outlook that had been forming through last week is still a factor.

This means that once more the downtrend of the past 11 weeks is being threatened today.

Daily momentum indicators are still corrective on a medium term basis but they are ticking higher again on a near term basis and at a crossroads.

The RSI is once more close to 50 whilst the MACD lines are also close to multi-week highs.

The market is now looking to hold up above a support band 12,077/12,100 from the hourly chart, whilst a move above Friday’s high at 12,190 would be significant for the bulls.

  • There is though plenty of overhead resistance between 12,200/12,340 from a series of August highs which would need to be breached in due course.
  • However the downtrend comes in at 12,133 today and a close above would be a significant improvement for the bulls.
  • The support of the low at 12,030 then becomes key near term.

 


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