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DAX futures analysis 13/06/2017


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

 

The market continues the indecisive period of trading that has driven the moves over the past week or so.

Having formed the mid-range breakout a couple of weeks ago the bulls have struggled for traction and the market is subsequently moving broadly sideways.

Support is building above last week’s low at 12,634 but yesterday’s corrective candle suggests that the market is still questioning the immediate appetite for a breakout to new highs again.

Despite this though momentum indicators have now settled a near term unwinding phase and look ready to build for further gains.

The Stochastics are especially looking to lead the market higher whilst RSI holding above 50 is also a positive for the outlook.

  • The hourly chart looks to be pushing higher today but the resistance band 12,790/12,827 needs to be overcome to suggest bulls are gaining traction again.
  • Support is building at 12,663.

 


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Research Risk Warning

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.