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DAX futures analysis 08/05/2017


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

 

As the market again pulls back from its highs, is the DAX at a turning point?

Friday’s move higher was a strong bull day but over 120 ticks off the day high of 12,840.

The opening move this morning in the wake of the Macron victory was positive but the gains have been pared from 12,820 and unwound over 100 ticks again.

If the market closes around here and then posts a negative session tomorrow then there a corrective outlook could develop.

This comes with the daily RSI up at 76 which although is strong, could also easily look stretched.

  • An unwinding move back into 12,411/12,518 band of support could be easily possible.
  • The hourly chart shows just an unwinding market at the moment, with a support band from Friday at 12,603/,12,663.
  • Resistance is now 12,820/12,840.

 


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