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.