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DAX futures analysis 31/08/2017

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


For a second successive day DAX futures have jumped at the open and now a key level of resistance is being tested.

The 10 week downtrend remains a significant barrier to gains, falling at 12,180 today but it is notable that rallies are continually seen as a chance to sell.

Momentum indicators on the daily chart remain negatively configured to reflect this.

This means that the bounce of the past couple of days will still be viewed in the same light unless a key and decisive shift in sentiment is seen.

  • Resistance of the old lows at 12,077 have been breached today but it is interesting to see the early move higher turn lower from 12,100 this morning.

The daily candle is subsequently back around the traded lows for the session and a failure to close back above 12,077 will be seen as a negative signal.

It is interesting to see the hourly chart momentum indicators back at levels at which the sellers will also be considering resuming, with the hourly RSI up at 60 and MACD lines unwound to neutral.

This could turn out to be a good opportunity to sell under 12,100.

  • Resistance continues between 12,150/12,200.
  • Looking to sell the strength for further retest of the August lows between 11,926 and 11,843.
  • Closing the intraday gap at 12,931 would be negative with the subsequent support at 11,984.


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