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DAX futures analysis 08/03/2017


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

 

The near term corrective slide continues and now the 3 month uptrend is starting to come in as a basis of support along with the breakout at 11,895.

My expectation remains that this is a near term correction within the bull market and the buyers will be supportive for the resumption of the run higher.

Momentum indicators remain strong medium term even if they have ticked lower to reflect the recent unwind.

However this will help to renew upside potential.

The daily chart shows a band of support 11,700/11,895 but the hourly chart shows this can be tightened to 11,850/11,895.

This consolidation is likely to continue today with the ECB meeting due tomorrow.

  • Resistance remains around 12,000 initially before 12,056 and 12,099.

 


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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.