DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
Once more another false start in the attempt to push for new high ground as the DAX has opened lower today.
However having held on to the support around the middle of the recent near 400 tick range, the outlook remains positive that this stuttering rally will test higher.
It could just be a matter of time.
The key support near term becomes last week’s low at 12,634 which needs to hold for the bulls to retain control of the range.
The momentum indicators have unwound now and will be ready to show signs of the bulls being ready to take control again.
For now though these strong medium term configuration are in consolidation.
A bull cross on the MACD lines would be an interesting signal to watch for now.
- The hourly chart shows initial support is at 12,734 but there is a band between 12,690/12,745 that will be seen as important to continuing the recent pick up in sentiment.
- Resistance initially is at Friday’s high of 12,827, above which re-opens the 12,880 all-time high.