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DAX intraday decline looks to be another chance to buy

DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)

Having broken sharply higher and again posting an all-time high on Friday the market has again consolidated a touch today.

There is little reason not to expect the buyers to continue to buy into weakness and this should prove to be a short-lived move that will help to renew near term upside potential.

A near term uptrend of the breakout may have been breached by the early drop back today, but holding up above 13,400 support will be the initial focus for the bulls.

Already we see the hourly chart unwinding back to levels where the bulls are happy to resume control.

With momentum signals nowhere near posting negative signals, there is nothing that suggests the decline today will be anything more than another chance to buy.

  • Initial support 13,425 with 13,400 and then 13,311.
  • Resistance is at Friday’s high of 13,503.

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