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DAX futures analysis 15/08/2017


DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)

 

DAX futures are once more approaching a key crossroads and the intent of the bulls will be tested.

  • The pivot band 12,300/12,340 has been a key barrier for several weeks and is now less than 100 ticks away as the market has jumped higher once more at the open today.

The momentum indicators have ticked higher in the last couple of sessions but are now back around levels where the bears tend to resume control.

Overhead resistance is added to by the 8 week downtrend which is falling as a further at 12,350 today.

However, the hourly chart does show an improvement in near term momentum configuration, whilst the move above the 12,200 pivot is a sign of strength.

This pivot has limited previous moves and looked to be doing the same yesterday afternoon, only for the bulls to push through today.

If the market can begin to build above 12,200 then the confidence for a test of 12,300/12,340 will build.

  • Initial support of 12,150/12,190 will be watched today.

 


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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.