DAX futures (Mar 2018 contract FDXH8, continuation contract is FDXc1)
Despite the early decline on equity markets today, the DAX remains within its ranging levels of recent days.
Consolidation therefore continues within the key Fibonacci retracements of the sell-off.
The range of broadly 250 ticks between the 23.6% Fib at 12,300 and 38.2% Fib at 12,548 remains intact with last week’s traded high of 12,530 and this week’s low of 12,325 limiting the moves.
Momentum indicators have been ticking higher but this is now beginning to tail off, with the bull cross on the MACD lines beginning to stall.
A closing move outside one of these two Fib levels will be confirmation of a shift in the outlook once more, given the past five sessions are all within their confines.
The hourly chart shows little real direction still, with the hourly RSI, even this morning, once more picking up from around 40, as it has done throughout the past seven sessions.
The hourly MACD lines are also all but flat around neutral.
Perhaps the US session will begin to drive decisive momentum today, especially if the sellers build on their late move yesterday on Wall Street.
Below 12,300 opens the key low at 12,062.
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