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DAX futures analysis 07/06/2017


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

With the bulls losing a degree of control this week, the DAX has corrected back to the band of near term pivot support within the 12,493/12,880 trading range.

Yesterday’s drop of over 130 ticks was the biggest down day since mid-May and challenges the bulls once more.

The momentum indicators have still got a positive bias with the RSI continuing to hold above 50 and the Stochastics rising, however the bear kiss on the MACD lines is a suggestion that the bulls have not got the control they would like.

  • The 12,666/12,709 band is a pivot in the middle of the range and a close under 12,666 would increase the downward pressure for a correction towards the lows.

The hourly chart shows the hourly RSI is back to a level where the buyers have tended to regain control so this is the DAX at a near term crossroads again.

The market has been slipping slightly lower in the early moves without any real conviction and it appears that the market is consolidating around this pivot today.

  • A close back above 12,709 which is now a near term basis of resistance would improve the outlook once more.

 


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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.