DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The DAX continues to drift back towards its four month uptrend and the breakout at 11,895.
Once more it seems that a sharp bull breakout is finding a degree of retracement but will need to start to build support soon.
The daily momentum indicators remain medium term bullish and are unwinding slightly but the support around 11,895 will be the key area that the bulls will be eying for the next basis for a buying opportunity.
- The hourly chart shows 11,850/11,895 is a support area and the hourly indicators have now unwound to areas where the bulls have tended to be interested again.
- Initial resistance is 11,987/12,030 with 12,050 the latest lower high in the corrective move.