DAX futures analysis 05/04/2017

DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)

 

The prospective correction on the DAX remains in play.

Yesterday’s marginally positive candle has done little to undo the negative near term implications of the bear candle from 12,412 on Monday.

Today’s initial move has been sold into and with momentum indicators moving into reverse on the daily chart this could add to near term corrective pressure for a retreat back towards the 12,130/12,210 support band.

The hourly chart shows a deterioration in the hourly momentum indicators and initial support at 12,253 (yesterday’s low) will be an interesting marker.

  • Below support at 12,210 also completes a near term top pattern and at least opens 12,130.
  • Resistance initially at 12,326 as yesterday’s rebound high, before minor resistance at 12,356 which protects 12,412.

 

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