Last updated: May 3rd, 2017 at 09:55 pm
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.
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