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DAX futures analysis 28/04/2017


DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)

 

The consolidation is just beginning to tail lower as a correction threatens.

The candlesticks over the past few days have been deteriorating in the past couple of sessions and the rally is rolling over.

Momentum indicators are beginning to pull lower in a suggestion that a near term correction is building, however this is only very slight, with the RSI pulling back from 70 and the Stochastics no longer rising.

However this would still just be a very near term correction at this stage.

  • Also the support of the breakout remains intact for now which gives a support zone between 12,268/12,411.

The hourly chart shows a mild drift lower than anything more sinister for the bulls.

Consistent trading below 12,450 support implies around 70 ticks of correction (from a small top) towards 12,380.

  • Resistance is now between the neckline at 12,450 and yesterday’s high at 12,493.

 


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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.