DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The DAX is consolidating with a mild negative near term bias over the past couple of days.
This consolidating is coming above the breakout of 11,700/11,725 and as long as this remains intact then the bulls can be considered to still be in control of the trading range 11,400/11,895.
The configuration of the daily momentum indicators also imply this.
The hourly chart reflects this consolidation with the unwinding of the momentum indicators in the past couple of days.
The hourly RSI is holding above 40 and the hourly MACD lines are bottoming around neutral, suggesting that this is a point of the market approaching a near term crossroads.
The band of support between 11,700/11,725 is key to this.
- Underneath 11,700/11,725 the support is at 11,640.
- The resistance is 11,812 and 11,848.