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DAX futures analysis 07/04/2017

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

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


Despite yesterday’s rally the corrective near term outlook on the DAX continues.

The near term top pattern below 12,234 remains intact and this implies a downside target of around 175 ticks to 12,060.

The rebound move seen yesterday may have formed a strong bull candle but the rolling over of the rally with equities lower again today suggests this was simply counter to the recent trend.

This is reflected in the continued decline on the daily RSI and Stochastics whilst the MACD lines are also crossing lower.

This remains a near term corrective move that could be set t put pressure back on the old breakout support at 12,130 which held up yesterday.

The hourly chart shows a downtrend has formed this week and hourly momentum is in negative configuration whilst rallies on the hourly RSI into 50/55 is a chance to sell.

Hourly MACD and Stochastics crossing back lower is also near term negative.

  • Support is at yesterday’s low at 12,142 with 12,130 a bigger support, below which is 12,175.
  • There is an opening gap lower at 12,245 and the market will remain corrective below yesterday’s reaction high at 12,270.


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Research Risk Warning

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.