DAX futures (March contract is FDXH7, continuation contract is FDXc1)
The outlook on the DAX has turned more mixed in the past few days with a series of negative candles that have accompanied the corrective move back from 12,030.
This move has built support once more around the medium term pivot that has formed at 11,700.
However the momentum indicators that have a positive medium term configuration have started to tick lower meaning that the outlook is uncertain.
Whilst in the 11,700/11,895 trading range this uncertain outlook looks set to continue.
This is reflected on the hourly chart with the break below the uptrend channel and what is actually a slight corrective near term bias to the momentum indicators, as shown on the hourly RSI and MACD lines, especially if they begin to consistently fail around neutral levels.
- Support is strong around 11,700 with 11,790 the initial floor today.
- Resistance is at 11,864 under the old key high which is resistance at 11,895