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DAX futures analysis 13/07/2017


DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)

 

A hugely strong bull candle has changed the outlook once more, but now has to be confirmed.

The subsequent session following a strong move is always interesting and the market needs to confirm what seemed to be a move that put the bulls back in control once more.

A 185 tick upside target from the break above 12,487 was 12,670 and the market came within 20 ticks of achieving the move in one session yesterday.

This leaves some further room to run higher.

  • However there is a reaction high at 12,730 which needs to be breached to really suggest the bulls are back, otherwise there is still a run of lower highs intact.

Furthermore the big 460 tick top pattern would still be intact below 12,730.

There is an improvement in daily momentum now with the RSI above 50, MACD lines crossing higher and Stochastics rising strongly.

  • This means the outlook is somewhat neutral now between 12,487/12,730, especially if today’s session turns negative again.

 


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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.