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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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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.