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DAX futures analysis 26/06/2017

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


Once more the market is consolidating the recent near term correction and the bulls are looking to resume control.

The medium term uptrend continues to shallow and lengthen which suggests that there is a mild buying pressure in the market but the buyers are struggling to sustainably maintain the gains.

Having pulled back from the new all-time high at 12,949, the market continues to shallow the uptrend which is now linking the lows dating back to late April.

The bear candle of Friday seems to be cancelled out by the early gains today with the market again eying a test of the 12,800 resistance area that had capped the gains late last week.

Daily momentum indicators are increasingly neutral and this comes as the struggle for the buyers continue.

The hourly chart shows an improvement in near term momentum this morning with the hourly RSI at a four day high, and if the MACD lines confirm this by a move above neutral then the outlook for a sustained near term push above 12,800 would improve.

  • This would then complete a small base implying around 100 ticks of upside and re-open the 12,949 all time high again.
  • Initial support is a breakout at 12,745 and then the opening gap at 12,723.


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Research Risk Warning

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.