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DAX looking increasing corrective within the range again

DAX futures (Dec 2017 contract FDXZ7 EXPIRES TODAY, Mar 2018 contract FDXH8, continuation contract is FDXc1)

DAX futures continue their retracement within a five week range as the front month December contract expires today.

The market is now forming a series of near term lower highs as intraday rallies are being sold into and the market moves correctively again within the range 12,810/13,238.

The Stochastics crossing lower again reflects the near term growing downside pressure and a downtrend that has formed this week comes in at 13,135 today.

Having found support previously to close above 13,100 yesterday’s close below 13,100 again puts the market into reverse mode.

So far today the market is holding on to 13,000 support but a breach would subsequently open the range lows again in the support band 12,810/12,900.

The hourly chart shows a band of resistance initially 13,075/13,100 which will be seen as an opportunity to sell today.

  • A move above 13,150 is needed to break the mini downtrend and the sequence of lower highs.
  • Initial support is 12,985 and then 12,867.

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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.