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DAX futures analysis 28/03/2017


Last updated: May 3rd, 2017 at 09:55 pm

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.

 


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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.