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DAX futures analysis 24/05/2017


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

 

The consolidation that is preventing a decisive push back above the near term pivot around 12,666 continues.

The bulls looked to be making the break back higher yesterday but could not sustain the move into the close.

Subsequently, the early move today remains stuck under the pivot.

This is allowing momentum indicators to continue to tail off with the MACD lines and Stochastics still falling.

The RSI holds above 55 but there is a concern that the longer that this pivot continues to hold back the bulls (now into a fifth session), the more tired they will become.

The hourly chart shows that the hourly RSI failing under 60 is a concern and the Stochastics are in decline.

  • The support of the last few days at 12,582 and 12,565 are key near term to the continued pressure on the pivot.
  • Failure of the support would turn the outlook more corrective again.
  • Resistance is for a close above the pivot at 12,666 and intraday at 12,702.

 


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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.