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DAX futures analysis 10/08/2017


DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)

 

The selling pressure resumed yesterday with a sharply bearish session that is once more looking to test the key near term range lows.

For now though support continues to be formed above the 12,077 late July low, however the more times this is tested the more likely an eventual break will be seen.

The medium term momentum indicators retain a negative configuration and this is ramping up the pressure.

The RSI, MACD and Stochastics lines have all ticked lower again and rallies continue to be sold into.

  • On the hourly chart there is a range play formation between 12,077/12,340 with a mid-range pivot at 12,200 providing near term resistance.
  • Early losses today also mean that 12,174 is a level to watch too.
  • A close under 12,100 would be a 3 and a half month closing low, whilst a breach of 12,077 opens 11,965.

 


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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.