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DAX futures analysis 18/08/2017


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

 

Yet another failure at the key resistance of 12,300 this week keeps the bears in control.

Rallies remain a chance to sell as the market fell away yesterday and is under pressure again today.

The daily momentum indicators have rolled over again at levels where the near term bears tend to take hold once more.

  • Equities across the world are corrective in the past day or so and the hourly chart has broken below the near term support at 12,150 leaving a near term “sell zone” now at 12,150/12,200.
  • It is interesting to see also on the hourly chart that the market has bounced from 12,077 this morning which was an old key range support.

However rallies are a chance to sell and it looks likely that this is a level that will be retested again.

  • A breach of 12,077 re-opens 12,043 initially and 11,981 whilst the low at 11,926 also would be in play again.

 


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