DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)
The consolidation is reaching an interesting juncture as the now six week uptrend has caught up with the breakout.
The market has now been trading in a tight 105 tick band for over a week now and it is interesting to see the consistent posting of negative daily candles.
A breakout either way from the recent range would imply a 105 tick target.
This suggests that initial positivity in the session continues to flounder.
The momentum indicators have though remained strong despite the recent consolidation, with the RSI still in the mid-70s, and Stochastics bullishly configured.
However, watch for the MACD lines which are losing momentum and could be close to a cross sell signal.
The hourly chart could help to reflect the way of the breakout from the recent range with the hourly RSI now between 40/60.
A decline below 40 would be bearish, whilst a consistent move back above 60 on the hourly RSI would have positive indication.
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