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

 

Once more the bulls are putting pressure on the near term pivot at 12,666 however they continue to struggle for a breakout.

The consolidation over the past week around the pivot has failed to inspire the bulls into a breakout as momentum indicators continue to plateau.

There is though a run of higher lows that shows the buyers are looking to come in at higher levels.

Having posted a low at 12,565, the last two daily candles all have higher daily lows, with the latest at 12,611.

• However the hourly chart shows once more that an early push higher has been rebuffed to leave resistance at 12,709.

An opening gap higher from 12,661 has been filled now and it will be interesting to see if the bulls can use this as a springboard for a push through the 12,666 pivot finally.

Hourly momentum has a bull bias but the hand brake is still on this market.

• A close above 12,666 would be a positive signal with subsequent resistance 12,788 and then the high at 12,843.
• A loss of 12,565 support would now be disappointing for the bulls.