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DAX futures analysis 16/08/2017


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

 

After a brief blip yesterday the rebound has got back on track today.

However the market is now back within touching distance of the key overhead resistance band 12,300/12,340.

This will be a key test for the recovery as momentum indicators continue to improve however more needs to be done.

The RSI is now back to 50 (the July rally high hit 53 before falling away) whilst the MACD lines have only just ticked higher.

The Stochastics are though advancing strongly and sets up for pressure on not only 12,300/12,340 but also the eight week downtrend.

  • On the hourly chart, the move above 12,200 pivot is encouraging and momentum indicators are increasingly positive.
  • There is a basis of support now at 12,150 from yesterday’s low meaning 12,150/12,200 is near term supportive.
  • Another failed rally at the 12,300/12,340 resistance will be a blow to the bulls now.

 


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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.