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DAX futures analysis 29/03/2017


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

 

The DAX has been an incredible outperformer despite Wall Street stuttering in recent weeks.

However signs of renewed optimism in US equities have driven the DAX to breaking out to multi year highs again.

Gains with a strong bull candle yesterday have been followed by another bull move today and a closing breakout above 12,210 will confirm a bullish breakout.

The continuation chart shows the all-time high at 12,430 is the next significant resistance.

The hourly chart now shows a band of support from the old resistance levels over the past few days meaning the initial support at 12,210 is bolstered by 12,130/12,150.

Hourly momentum is strong but stretched and a near term corrective move should be seen as a chance to buy now.

 


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