Last updated: May 3rd, 2017 at 09:55 pm
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.
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.