DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
DAX futures pushed to an intraday all-time high in the early moves of today’s session, however the move is now beginning to unwind.
Is this another chance to buy?
It is difficult to bat against the bulls on the DAX as the consolidations continue to be bought into.
It will be interesting to see how the market reacts to the opening gap at 12,790 today as the retreat now looks to fill the gap.
A bullish fill (closes above the gap) would suggest the bulls still in control, whilst a bearish close of the gap (closing below the gap) would be more concerning near term.
Daily momentum remains strongly configured and corrections continue to be seen as a chance to buy.
- There is a band of support within the recent consolidation 12,750/12,790.
- Resistance is at today’s all-time high of 12,843 whilst a close above 12,840 (the previous high) implies a near term range breakout and 185 ticks towards 13,000.