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DAX futures analysis 22/02/2017

DAX futures (March contract is FDXH7, continuation contract is FDXc1)


The DAX has taken off!

A huge upside breakout candle yesterday has taken the DAX to its highest level on the continuation chart since April 2015 with a small band of resistance 12,085/12,115.

This is a level that protects an enormous resistance at 12,430 which is the all-time high from 10th April 2015.

The daily chart shows the 11,895 breakout will now act as a basis of support and there is now a band of around 100 ticks above 11,800 to use as a “buy zone” on an unwinding correction.

The hourly chart shows the market is stretched now but with strong momentum any intraday dips are likely to be seen as a chance to buy.

Anything with the hourly RSI around 60/65 will be seen as an adequate unwind.

Below 11,800 would now be seen as a disappointing correction for the bulls.



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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.