DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The DAX has again tempered an attempt from the bulls to break higher, although there is still a mild positive bias to the outlook.
That bias though continues to be held back and the uptrend that has been intact since November is being strained.
However, whilst June futures are supported above 11,920 the outlook will remain positive, whilst the rising 21 day moving average (currently 12,003) is again being supportive.
The hourly chart shows today’s opening gap lower is still open form Friday’s close at 12,115 but seems to be ready to now be filled.
- Today’s initial low at 12,068 is supportive but the old resistance which has turned supportive around 12050 is increasingly important near term.
- Friday’s high at 12,150 needs to be breached to re-open 12,209 but the more neutral hourly momentum suggests that it is unlikely to be today.
A failure around 12,100 puts today’s pressure back to the downside once more within this consolidation.