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DAX analysis 12/09/2017


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

 

The strong run higher on the DAX show little sign of abating.

The run of bullish candlesticks has now run for well over a week and has taken out a clutch of key resistance levels as the bulls have strengthened.

The 12,300/12,340 resistance band was a key move, whilst the market is pushing above 12,487 now.

Next up is a test of the key July lower high at 12,672.

Momentum indicators confirm the move, with the RSI well above 60 now and into strong configuration, the Stochastics at a four month high and the MACD lines accelerating sharply higher.

  • Corrections will now be seen as a chance to buy, with any correction that finds support in the band 12,340/12,487 looking to be a good opportunity.
  • The hourly chart shows support initially with today’s low at 12,489, whilst 12,425 and then 12,365.
  • Today’s high at 12,539 followed by 12,567 are initial resistance levels.

 


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