DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The bulls are threatening to break the consolidation to the upside yet again.
A solid bull candle drove an intraday all-time high on the DAX futures but the move could not quite hold on to close above the previous peak of 12,518 which just tempers slightly the breakout.
An early slip back today also keeps the bulls under wraps today.
However the positioning of the market and configuration of the momentum indicators continues to suggest that further upside remains likely in due course.
Corrections remain a chance to buy and looking at the hourly chart perhaps there is room for an intraday correction over the next day or so.
The hourly RSI has failed at 70 whilst the hourly MACD lines are not especially screaming out for an upside break yet.
- The support in the band 12,450/12,500 would likely now be seen as an area for the next low.
- The breakout support at 12,411 is now key.
- Resistance is at yesterday’s all time high of 12,542.