DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The breakout seen on the DAX remains intact as the market has moved to consolidate the gains.
This comes after Wall Street stuttered last night, but it is interesting to continue to see the DAX outperforming European peers.
The bulls are back in control following the breakout with five bull candles in the past six sessions.
Momentum indicators remain positively configured and in isolation the outlook would suggest that corrective moves are a chance to buy.
The continuation chart shows the next resistance of any note is up at 12,430.
On the hourly chart there is a consolidation into today’s session and this is helping to unwind stretched momentum.
- There is also a band of good breakout support 12,130/12,210 to use for near term buying opportunities, whilst medium term support is strengthening at 11,879/11,950.
- Initial resistance is yesterday’s high at 12,266.