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DAX eyeing all-time highs once more


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

 

DAX futures have absolutely taken off with the breakout from the rising wedge.

Friday’s sharply positive candle is being backed by continued gains in early moves today.

  • The all-time high at 12,935 is now within touching distance of today’s session.

The momentum indicators of the move are hugely strong with the RSI into the high 70s, MACD lines accelerating higher and Stochastics strong.

This is a trending move which means that the bulls need to be backed.

  • Any intraday weakness is a chance to buy, with the early gap having left support at 12,840.

There will always be a degree of reticence when a market accelerates like this but the strength of the trend is such that the move looks to be decisive.

  • There is support now also from a late June high at 12,825.

 


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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.