Last updated: May 3rd, 2017 at 09:55 pm
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.
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.