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DAX futures analysis 04/09/2017


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

 

The strength of Friday’s bull candle has been completely undermined by the opening selling pressure today.

This increases the importance of the reaction during today’ session.

It had looked on Friday as though the bulls were ready to take more of a controlling position in the market, however the close which was below the downtrend and the RSI turning back this morning from 50 leaves the market still on uncertain ground.

A “bullish” candle (close decisively above the open today) would help to mitigate the negative turn in the outlook.

The hourly chart shows a turn lower in the market which has driven corrective developments on hourly momentum but also a move back below 12,077/12,100 which has been a pivot range.

  • Support with today’s low at 12,030 and 11,984.
  • Key resistance at 12,190.

 

DAX


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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.