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DAX futures analysis 30/05/2017


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

 

A consolidation continues with the bulls still unable to regain the upside momentum.

The market has now been trading for almost two weeks above the breakout support band 12,411/12,518 however continues to flounder around the near term pivot of 12,666.

The momentum indicators have been slipping back but remain positively configured on a medium term basis which continues to suggest this is a consolidation that will be bought into.

Early weakness today at the open suggests that once more the bulls are struggling today but as yet there is no suggestion that the 12,411/12,518 support band will be breached.

The hourly chart shows the recent slip with a slight negative bias on momentum and moving averages.

  • The support initially to watch is 12,526 and having dropped below Monday’s low at 12,575 this could now be tested today.
  • Resistance comes with today’s traded high at 12,621 before Friday’s high of 12,645 comes in below the 12,666 pivot.

 


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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.