DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
Once more the market seems to be unsure of the direction to take.
The choppy moves continue as the DAX has gapped higher at the open today.
Yesterday’s doji candle has been followed by a higher open, but the early move is already struggling.
The gap is still open at 12,020 and there is a real struggle for decisive direction now on the DAX, which suggests trading on a very near term basis.
The hourly chart shows the extreme moves on the hourly RSI are a chance to trade the mean reversion, with 70 limiting the upside and around 30 limiting the downside now.
- There is a very slight trend lower linking the recent lower highs, but there seems to be a general resistance around 12,130 now.
- The bottom of the recent range comes in around 11,950.
- The recent extremes would generate a breakout, with 12,210 as resistance and 11,878 being support.