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DAX futures analysis 12/06/2017


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.

 


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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.