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DAX continues to push new all-time highs


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

 

The market is now consistently closing above the previous all-time high of 12,935 to confirm the breakout with the bulls remaining strong.

Momentum is strongly configured with RSI now above 80, MACD lines rising and Stochastics also strongly configured.

For now the market continues to chase gains into new high ground, with the hourly chart hugging a nine day uptrend along with strong hourly momentum.

However, at some stage there will be a blip in the trend and the reaction to any profit-taking will be key.

  • The hourly chart shows near term support at 12,925 and 12,885 and 12,843.

The support of the now six week uptrend on the daily chart is down at 12,800 and corrections are still likely to be seen as a chance to buy.

 


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