DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)
Once more the buyers have failed to hold on to a near term bull move and questions are beginning to mount over the longevity of what is now a two month uptrend.
The daily chart shows a failed bull candle yesterday followed by early losses in today’s session.
If this early move lower today translates into a bear close and potential further decline tomorrow, then the stability of the uptrend will be called into question.
Already the momentum indicators are beginning to show signs of strain with the MACD lines falling back again and the Stochastics falling at a three week low.
The hourly chart shows mixed and uncertain near term momentum, whilst today’s trading could be key for direction, especially if the 12,665 support is breached.
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.