DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The bulls are once more straining to gain control as yesterday’s bull candle is being followed up by further gains today.
- The market has used the support band 12,634/12,662 as a springboard for renewed gains today, but there is still a need to decisively break free of the 12,827 initial resistance that protects the all-time high of 12,880.
Positively configured daily momentum indicators are building once more with renewed upside potential and the potential for a bullish breakout to new highs is growing.
- The hourly chart shows the bulls testing the 12,827 early today with the support at 12,777 initially building above 12,738/12,745 from yesterday.
Hourly momentum is strong and the bullish outlook of hourly candles with a succession of higher lows should help to drive the market higher.