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DAX bulls pushing higher within the range once more


DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)

 

The uncertainty of the range that is now into a fourth week continues, but the bulls have taken back a degree of control in the early part of this week.

After the huge bear candle of Friday, yesterday’s recovery move has negated the corrective near term momentum.

  • Another positive open today is once more meaning the bulls will have designs on breaking out above the 13,140/13,209 resistance band.

In the past three weeks all of the positivity has petered out in this band of resistance.

Momentum is fairly neutral as the market is moving higher, and it is interesting that on the hourly chart there is a marginal positive bias without any real apparent upside traction.

This would suggest the bulls may be cautious as the upper reaches of this rectangle consolidation between 12,806/13,209.

  • Yesterday’s high at 13,119 is initial resistance now, with support building above 13,000 with yesterday’s low at 13,006.

 


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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.