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