DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The outlook for the DAX has improved despite the early dip lower today.
Breaking decisively above the 11,700/11,725 band (which now becomes supportive) was a key near term move yesterday.
Momentum indicators on the daily chart have improved and confirm the move with the RSI back above 60 and Stochastics rising above 50.
The hourly chart shows a more positive configuration and corrections are now a chance to buy.
A higher low now around 11,700/11,725 would be ideal for the bulls, but as long as the support at 11,640 remains intact the bulls are in control of this move.
An unwinding move is underway today and the hourly RSI holding above 40 would maintain positive near term momentum.
- Resistance is at 11,809 today.