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DAX futures analysis 16/05/2017


DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)

 

Yesterday’s candle is somewhat of a mixed message however the DAX bulls still have eyes on the all-time highs.

An intraday all time high of just 3 ticks could not be sustained, closing above resistance at 12,790 but with a mildly negative daily candle.

The early move today is showing gains again and the market continues to contemplate moves into new high ground but can the bulls sustain the impetus to pull the move?

Daily momentum remains in bullish configuration with the RSI continuing above 70, MACD lines still rising and Stochastics above 80.

The hourly chart shows a uptrend formation since the market started moving higher again in late April and hourly momentum remains positively configured.

The hourly RSI is supported above 40 whilst MACD lines are habitually above neutral.

This all points towards using intraday corrections as a chance to buy.

  • Effectively now a new range is in formation between 12,666/12,843 so a breakout (on a closing basis) would imply a next upside target of 13,020.
  • Support is now at today’s low of 12,780 and then yesterday’s low of 12,726.

 


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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.