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DAX futures analysis 28/07/2017


DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)

 

Once more the rally has been decisively sold into as another break to multi month lows has been seen.

The selling pressure of the overhead supply around the old Jun/July lows did for the bulls and this has strengthened resistance in the 12,300/12,400 band.

Momentum indicators continue to deteriorated and become increasingly negative with the RSI failing at lower levels and now the MACD lines accelerating lower again.

A close under Monday’s low of 12,133 will continue the downside move towards the 12,030 implied target from the May/June top.

  • The next real support though now comes in at 11,965.

Rallies remain a chance to sell and with hourly momentum negatively configured any intraday rallies are an opportunity.

  • There is resistance from yesterday’s rally into the close which has left a minor reaction high at 12,194 whilst there is also a small downtrend channel to sell into today, the high of which comes in around 12,190.

 


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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.