DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The consolidation has ended with a burst through resistance and the big uptrend that has been building since November continues.
A couple of neutral candles have given way to what is developing into a strong bull candle today.
I have been saying that between 11,700/11,895 the outlook is uncertain, but moving strongly through 11,895 gives the bulls the upper hand now.
This 11,895 old key level becomes supportive now for a pullback today.
Daily momentum indicators remain strong and the corrections are a chance to buy.
The hourly chart shows a strong move back through the bottom of the old uptrend channel is a positive move.
The recent consolidation resistance around 11,850 now means there is a support area 11,850/11,895 to use as a near term “buy zone” should there be a pullback from today’s initial breakout (a gap is now theoretically open around 11,830).
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.