DAX futures (March contract is FDXH7 and EXPIRES 17th March, continuation contract is FDXc1)
The consolidation continues and it certainly seems as though the bulls are struggling to renew the impetus for the upside.
Mixed candles and momentum indicators that have now rolled over suggest the struggle will continue.
The bull trend in place since November is under consistent pressure now and today’s early dip in the market continues this.
It looks as though this consolidation is likely to breach the uptrend however holding above the 11,895 breakout retains a positive outlook over the near to medium term.
The hourly RSI settling between 40/60 will continue this range play.
For now the market remains rangebound.
The hourly chart shows a range above the recent low at 11,912 and the old breakout at 12,030 is forming once more.
- A break above resistance at 12,068 would re-engage the bulls, with 12,099 still the key high.
- Today’s low at 11,964 is initial support now.