DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
There is an ongoing negative sentiment on the DAX that has been formed over the past two months and the recent latest failure under 12,300 adds to that outlook.
Selling into strength has been a successful strategy with negatively configured momentum and any move back towards the two month downtrend (currently 12,289) is a chance to sell.
Momentum indicators reflect the selling into strength and the Stochastics crossing lower and around the level of the July rebound high only adds to the concern the bulls will be facing now.
The hourly chart shows the market back in the old 12,077/12,340 range but again finding resistance under the 12,200 pivot within that old range.
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.