DAX futures (March contract is FDXH7, continuation contract is FDXc1)
Despite the bulls failing in their attempted upside break on Friday, the DAX is hanging on to the uptrend that has been in place since November.
However daily technical indicators are still in consolidation mode and it looks as though the market is not ready to break higher yet.
This is likely to result in a breach of the uptrend unless the bulls re-engage quickly.
However whilst the old breakout support at 11,895 remains intact, the bulls will still be content and the medium term outlook will be positive still above 11,700.
The hourly chart shows how 40 is becoming a basis of support on the RSI, so momentum is not turning negative.
- Support is holding at 11,931 today with 11,912 being last week’s low.
- The 12,030 old high is a minor basis of resistance with 12,068 adding as a potential lower high below 12,099.