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DAX futures analysis 21/04/2017


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

 

A choppy session closed higher yesterday but does little to change the outlook which remains corrective.

A near three week downtrend remains intact and the market is still stuck with the resistance band 12,070/12,130.

The outlook is likely to be driven to an extent by the French election outcome in the near term, but whilst the support band 11,879/11,920 remains intact the bulls will remain confident that this is a near term move counter to the medium to longer term bull run.

Daily momentum has just started to quell the downside impetus but there is still a corrective look to the recent move.

The hourly chart shows the market is struggling to find upside traction with the hourly RSI failing again around 60 and MACD around neutral with the Stochastics again crossing lower.

  • Resistance initially is at yesterday’s high of 12,085 and then 12,130.
  • Support is 12,026 which protects the low at 11,963.

 


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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.