DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
Can the bulls finally break the shackles of the 12,666 pivot?
There have been several intraday attempts at the resistance that have repeatedly been sold into, this leaves the daily chart candles with upper tails shadows but no decisive move.
One more today the opening move higher is challenging the resistance, however a close above 12,666 is needed to suggest that the bulls are gaining traction finally.
It does seem as though the bulls are now ready for the move.
Momentum indicators are bottoming with the RSI above 50, MACD lines flattening above neutral and the Stochastics stalling their decline.
- A close above 12,709 resistance would even complete a small base pattern and imply 180 ticks of further upside.
The hourly chart is increasingly positively biased now with hourly RSI supported above 30 and pushing above 70 whilst the hourly MACD lines are above neutral.
- Support at 12,563 is growing, with 12,526 and then 12,492 increasingly key.