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DAX Futures analysis 08/02/2017


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

DAX futures (March contract is FDXH7, continuation contract is FDXc1)

 

The market may have rallied yesterday and opened higher today, but the near term outlook remains negative.

A sequence of lower highs over the past couple of weeks continues a corrective move that continues to find resistance under the 11,700 resistance area.

Momentum indicators remain on a near term corrective configuration and the DAX is now trading below the falling 21 day moving average.

This points towards selling into strength.

The hourly chart shows a recent downtrend and finding resistance under hourly moving averages.

The hourly RSI is failing around 55/60 consistently now and hourly MACD lines cannot get back above neutral.

  • Initial support 11,520 with yesterday’s low at 11,460 now increasingly important in protecting a move back to the key medium term support 11,400.
  • Resistance 11,604 which is the bottom of a resistance band between 11,600/11,700.

 

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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.