Last updated: May 3rd, 2017 at 09:55 pm
DAX futures (March contract is FDXH7, continuation contract is FDXc1)
Equity markets are now consolidating and the DAX has just taken a pause for breath.
After such a strong run higher in the past few days this leaves it open to a corrective move as traders could look to lock in some profits.
The near term consolidation is 11,965/12,030 and a drop below the support could induce a pullback towards the 11,895 breakout.
This would not be a bearish move, more of blowing some of the froth off the top and would help renew upside potential for any subsequent bull run.
Watch the hourly RSI drop below 60 and the hourly Stochastics drop below 40 for a corrective signal.
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.