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DAX continues to tentatively push higher


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

 

The bulls are gingerly looking to push higher as the seven week uptrend flanks the move into all-time high ground.

However there is a cautious look to the breakout with Friday’s close back below 13,000 and early gains being retraced today.

Momentum is still decent with the RSI and Stochastics showing little sign of slowing, however the MACD lines are threatening to roll over and need to be monitored as a sign that the uptrend could be maturing.

  • In the meantime though the past few sessions have all had higher lows (latest on Friday at 12,955) and is helping to support the market.
  • The bulls will therefore be looking at 13,031 from Friday’s high as initial resistance.

On the hourly chart there is a very slight bull bias still with weakness being bought into in the past few sessions and the hourly RSI bottoming around 50 in the past two sessions.

 


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