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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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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.