DAX futures (Mar 2018 contract FDXH8, continuation contract is FDXc1)
Despite solid gains on Wall Street, the recovery on DAX futures is relatively slow and truncated.
Posting the higher low at 12,062 was key on Wednesday but the bulls stuttered yesterday in posting a minor retracement candle.
Today’s early gains have so far failed to ignite and the resistance of Thursday’s high at 12,477 remains intact.
There is a recovery underway but the bulls are going to have to earn it.
Momentum indicators are looking to tick gradually higher, but these are stunted gains.
Trading above the 23.6% Fibonacci retracement of the 13,596/11,900 sell-off at 12,300 means the recovery is on track for the 38.2% Fib level at 12,548.
The hourly chart shows a gradual improvement and more positive configuration on the momentum indicators with RSI supported above 40 and MACD lines above neutral.
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