DAX futures (Mar 2018 contract FDXH8, continuation contract is FDXc1)
After four frustrating weeks of failed rallies, the DAX has finally made the break above resistance at 13,238 and the move has opened the all-time high of 13,525.
The closing breakout with yesterday’s extremely strong bullish candle that closed decisively above 13,238 which on a range breakout implies around 430 ticks of upside now towards 13,665.
The move has clearly come as a run in front of confirmation of tax reform in the US, and as long as the bill goes through, the bulls will remain in control near term.
Momentum indicators confirm the breakout, with the RSI at a six week high, MACD lines tracking higher and Stochastics in bullish configuration.
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