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DAX corrections still a chance to buy ahead of the election


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

 

Corrections on DAX futures continue to be seen as a chance to buy however the market is likely to remain contained during today’s session with the German Federal Elections being held over the weekend.

The consolidation of the past couple of weeks also shows a drift of higher lows with the support around 12,500 remaining intact and today’s early dip to 12,544 potentially another higher low.

Daily momentum indicators remain strongly configured with the RSI in the mid-60s, whilst the MACD and Stochastics are positively positioned.

With a run of higher highs too, the outlook remains a push to test the 12,655 July high.

  • Whilst the support at 12,500 remain intact the near term outlook will be bullish.
  • A drop below 12,463 would turn  more corrective but as long as the support is formed above 12,300 any corrections will remain a chance to buy into support.
  • The hourly chart shows initial resistance at 12,614 and then 12,629.

 


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