DAX futures (Mar 2018 contract FDXH8, continuation contract is FDXc1)
With the bulls making headway again today, traders will be asking themselves whether one trading session change the course of the market.
The positive reaction to the intraday selling pressure has formed a big turnaround and a large bullish engulfing candle.
This move pushed to close above the resistance at 12,373 leaving a higher low at 12,062 in the process.
Momentum indicators still need further improvement to confirm the recovery but the signs are increasingly positive now.
For now this is still an unwinding move of the huge sell-off but the bulls are gathering confidence now.
The hourly chart shows a break above resistance at 12,373/12,400 whilst the hourly RSI has pushed above 60 and hourly MACD lines above neutral.
These are key near term moves that will improve confidence of a stronger outlook.
Intraday corrections will now start to be seen as a chance to buy and the 89 hour moving average which had been resistance is now supportive around 12,310.
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