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DAX futures analysis 04/07/2017

DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)


The breakdown following the big sell-off last week remains a key factor for DAX futures despite Monday’s rebound.

Overhead supply is sizeable between the old key lows 12,487/12,610 and the recovery this week still has plenty to do before the bulls can be back in control once more.

Monday’s strong bull candle did not breach the neckline at 12,487 but early moves today are ready for another test.

Should a second look at the resistance fail then the buyers will become increasingly cautious once more.

The momentum indicators are medium term corrective and this is a concern for the bulls.

The hourly chart shows that the early rebound today is an unwinding opportunity with the MACD lines back to neutral and hourly RSI tending to fail around 60.

  • The market would begin to look more positive above 12,487 but there is further resistance at 12,525 and 12,610.
  • Initial support is today’s low at 12,407 before yesterday’s traded low at 12,377 and the key support at 12,303.


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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.