DAX futures (JUNE 2017 contract is FDXM7 with EXPIRY on 16/06/2017, continuation contract is FDXc1)
Does an early correction provide another chance to buy on the DAX?
The expiry of the contract tomorrow muddies the waters somewhat and could be driving a degree of the correction today.
However ultimately, this correction on DAX futures should be a chance to buy (or at least move into the September 2017 contract on FDXU7).
The correction is back to the three week uptrend support and corrections remain a chance to buy.
- The support of this week’s low at 12,663 remaining intact would help to maintain near term bull control whilst the momentum indicators remain sufficiently bullishly configured to continue to use corrections as a buying opportunity.
- The previous breakout means there is support today between 12,663/12,709.
Furthermore the momentum indicators on the hourly chart are unwinding into an area where the buyers tend to resume control.
The rising 144 hour moving average has also become a good basis of support.
- Resistance is now initially around 12,790 before 12,852 and the all-time high at 12,923.