Last updated: May 3rd, 2017 at 09:55 pm
DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The DAX has now broken below near term support at 12,234 to complete a small top pattern and drive a corrective move.
The immediate support band 12,130/12,210 is now being tested.
The near term deterioration in the momentum is consistent with previous corrective moves and for now there is little reason to believe the move will be anything too significant.
The daily RSI show the lows consistently around the 45/50 level, whilst the Stochastics are corrective and this could drive an extended near term dip.
The critical low for a medium term perspective is the 11,878 late March low.
Any higher low above 11,920 would be seen as a buying opportunity.
The hourly chart shows the top pattern implies a corrective move of around 175 ticks to 12,060.
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