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DAX futures analysis 11/04/2017


Last updated: May 3rd, 2017 at 09:55 pm

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

 

The market is in something of a bear drift phase now as the strong gains of late March unwind back into support.

The drift has posted a lower high at 12,326 and is now at risk of another lower high at 12,297 as the opening gap lower today has put a negative skew to recent trading.

Momentum indicators are tailing off now with the RSI back under 60, the Stochastics tracking lower and the MACD lines having crossed lower.

However this still looks to be corrective within the medium to longer term bull run.

Old breakout levels continue to be seen as a basis of support an 12,130 is still holding.

The hourly chart has taken on a more corrective outlook with the hourly RSI now failing around 60 and falling towards the low 30s, whilst the MACD lines are also rolling over around neutral.

  • The support at 12,168 failing would be disappointing but if the market breaches 12,130 the outlook will take on a more negative near term outlook.
  • Resistance is 12,255 and then 12,297.

 


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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.