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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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