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DAX futures (Sept 2017 contract is FDXU7, continuation contract is FDXc1)

 

The DAX remains under selling pressure but that does not mean there are no chances to sell.

With the sellers in control, intraday rallies will be seen as selling opportunities and this morning’s rally is likely to be just that.

Daily momentum indicators remain correctively configures, whilst the run of lower highs and lower lows continues the move towards the two month top target of 12,030.

• Having broken down below 12,303 and seen the subsequent rebound leaving a key band of resistance 12,303/12,340 however the hourly chart shows a band of near term resistance 12,200/12,250 that will be seen as a “sell zone” today.
• The support of last week’s low at 12,088 is likely to be retested in due course  whilst the next key support is not until 11,965.
• Today’s low at 12,120 is initial support.