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DAX futures analysis 20/04/2017


DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)

 

The corrective outlook continues to drag the DAX lower but there is an interesting degree of buying pressure that is preventing a significant sell-off.

The daily chart shows that the last two completed candles closed well off the lows and early today there is the prospect of this happening again.

However, for now this would still be counter to the downtrend that continues to develop.

Within this outlook therefore rallies remain a chance to sell with the momentum indicators still correctively configured.

The hourly chart shows a big turnaround candle in the past hour which could fuel further potential recovery today.

  • However, hourly momentum suggests selling into rallies and there is also the resistance of a band of overhead supply between 12,070/12,130 on the hourly chart.
  • Support is at today’s low of 11,962 and the key band 11,879/11,920.

 


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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.