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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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