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.