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.
- Support from yesterday’s low at 12,563 protects the 12,518 old breakout.
- Resistance is growing below 12,666 with the high at 12,648.