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DAX continues to squeeze out gains


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

 

There is still a sense of the bulls being in control as the market continues to push new all-time highs.

Friday’s candle that closed around the low of the session does not appear to have deterred the buying pressure which has once more pushed a new all-time intraday high today by a few ticks.

Daily momentum indicators remain strongly configured and intraday weakness is still seen as a chance to buy.

The market posting creeping gains could give rise to a near term correction at some stage and the reaction to that correction will be key for the outlook.

  • The breakout above the previous all-time high at 12,935 is now a basis of support, whilst the support of a six week uptrend is at 12,835 and this would be a band of support for the bulls to work with.

For now though cautious longs are still in play.

  • The hourly chart shows minor support at 12,925 and then at 12,843.

 


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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.