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DAX futures analysis 23/02/2017


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.

  • Resistance remains 12,085/12,115.
  • Support is 11,895/11,850 and then around 11,800.

 


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