DAX futures (Sept 2017 contract is FDXU7 and expires on 15th Sept, continuation contract is FDXc1)
The test of the 11 week downtrend continues as the DAX bulls battle with the negative pressure of geopolitical tensions in North Korea.
Another intraday breach of the downtrend could not sustain the move and a retreat has left a relatively neutral candle on the daily chart.
However it is interesting to see the number of positive green candles building up, despite the fact that the market has trades lower over the past few days.
This suggests that across the trading session, the bulls are winning the battle despite the lower opens.
This seems to be developing again today with the market rebounding from initial opening decline.
It could be argued that if the geopolitical pressure subsides the bulls are ready to take control.
Medium term momentum indicators are at key turning point levels again with the RSI around 45/50, the MACD lines flattening again and the Stochastics losing momentum again.
Technically, the trend is your friend but the buyers seem to be more robust this time.
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