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DAX futures analysis 06/03/2017


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.

 


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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.