DAX futures (Mar 2018 contract FDXH8, continuation contract is FDXc1)
Finally the bulls are finding traction to breakout to the upside after a period of consolidation.
This comes with this morning’s upside push above the resistance at 12,530/12,550 and if it is accompanied by a closing breach it would complete a range breakout.
This would then imply an upside recovery target of 12,780.
It would also mean that trading clear of the 38.2% Fibonacci retracement of the sell-off opens the 50% Fib level at 12,748.
Momentum indicators are now tracking decisively higher with the Stochastics strongly configured and the MACD lines rising after their bull cross.
The bulls will now start to look at near term drops as a chance to buy, with the hourly chart showing support now 12,500/12,529.
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