DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The bulls tried to regain control yesterday but it seems to have been a bit of a false start, so the consolidation is back on again.
The supports of the uptrend (today at 11,924) and the old breakout at 11,895 remain intact and for now this remains a bullish consolidation.
Daily momentum indicators are just threatening to run out of steam a touch with the MACD lines rolling over, however, for now this is just a near term move.
The hourly chart shows this to be a quieting period of trade (not to be unexpected in front of the ECB this afternoon) but corrective moves are still a chance to buy.
- Initial support 11,912 before the 11,850/11,895 support band.
- Resistance is now with yesterday’s high at 12,019 before 12,056 and the key high at 12,099.