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DAX drifting higher amidst continued consolidation


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

 

Can the DAX break the shackles of days of sideways consolidation?

It seems as though this is unlikely in front of the ECB meeting (announcement tomorrow), however in the past 24 hours there has been a very slight improvement in the outlook.

This comes with a second consecutive positive close and a move above 13,000.

However, this all seems to be minor detail in front of what could be a significant, outlook changing event tomorrow.

The hourly chart reflects the consolidation, but with a mild trend of higher lows in the past four sessions coupled with pressure on 13,050/13,066 resistance the bulls are just testing the water.

  • A breakout above 13,089 is needed preferably with a closing breach to really signal the upside is open again.
  • Key support remains in place at 12,900.

 


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