DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The period of consolidation over the past couple of weeks continues.
The market remains supported above the breakout support band 12,411/12,518 but appears to be stuck under the near term pivot at 12,666.
Daily candles continue to reflect uncertainty and a lack of conviction, characterised by small bodies whilst the average true range continues to drop back towards 100 ticks again (currently 106).
Today’s early moves are once more indecisive and this period of consolidation looks set to continue.
Hourly technicals reflect a very slight negative drift towards the support band, however the momentum does not suggest any conviction in the move.
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.