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.