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DAX futures analysis 18/07/2017

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


The market is once more retreating back to the 12,487 key neckline and this will be a key moment to see if the bulls have any key hold on the outlook.

Having broken higher through 12,487 last week there was a recovery outlook forming, but failing under 12,730 to form another lower high at 12,672 will be concerning for the bulls.

  • A closing breach of 12,487 support would reinforce the two month top pattern and suggest the sellers are once more in the ascendency.

Momentum indicators are already questionable, with the RSI falling back below 50, the rebound in the MACD lines tailing off as with the Stochastics.

Three negative candles in the past three completed sessions also add to the increasing pressure, whilst early decline today is also a concern.

The hourly chart shows a small top pattern formed below 12,567 implying 105 ticks lower to 12,462 whilst momentum indicators are increasingly correctively configured to sell into strength.

  • Resistance is now at 12,567 and then 12,620.
  • A decisive breach of 12,487 opens the pivot at 12,400.


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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.