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DAX futures analysis 23/03/2017

Last updated: May 3rd, 2017 at 09:55 pm

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


The market is now is a key near term phase as a minor rebound has kicked in.

The move below 11,920 did not achieve a closing break, but came as key uptrends have been broken and momentum indicators have deteriorated.

Furthermore, the 21 day moving average which has been a basis of support could now become a basis of resistance (currently 12,002).

The daily chart shows early gains have been pared and it seems that the market is on the brink.

Looking at the hourly chart here is a whole series of old key lows between 11,950/12,050 as an area over overhead supply now, and with the hourly momentum indicators rolling over this morning rallies are likely to be seen as a chance to sell now.

  • Initial resistance is 11,977
  • Support is initially at 11,908 and a breach would re-open yesterday’s low at 11,878, whilst 11,751 is now the next key low.

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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.