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DAX futures analysis 25/07/2017


DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)

 

Rallies on DAX futures are now a chance to sell.

Having broken below the support at 12,303 there is now a source of overhead supply that will be looking to sell into strength.

  • Initially that would be between 12,303/12,374 but the old uptrend now comes in as added resistance at 12,389 today.

An early morning rebound today already looks to once more be failing and the sellers remain in control.

Momentum is negative across the board on the daily chart and the hourly chart simply reflects a market that is looking to unwind to renew downside potential.

  • The initial resistance is a near term high at 12,250.
  • Expect a retest of yesterday’s low at 12,133, whilst there is further support around 12,100 and the medium term two month top still implies 12,030.

 


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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.