DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
There is still a bullish bias to the DAX despite the uptrend since November having been breached.
A new shorter term uptrend since the February low has now taken over and it helping the market higher.
This means that a sequence of higher lows remains intact and the near term strategy of buying into weakness remains in place.
The rising 21 day moving average is still a good gauge of support at 12,014 whilst the momentum indicators remain in positive configuration.
However it is a painstakingly slow move higher, with a lack of conviction in the bull candles on the daily chart.
The hourly chart shows how support above 12,050 is building however near term direction still seems to be lacking.
Even so, the hourly RSI is holding above 40 still but really needs to move above 60 to confirm that the bulls are gaining momentum again.
- Resistance is initially with today’s high at 12,130 with Friday’s high at 12,150 protecting the key 12,210 rally high.
- Support at 12,072 initially with 12,050 more considerable.