DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)
Once more the selling pressure within the range has kicked in and futures are falling away, but is this the time that the range will break down?
The daily chart shows a series of lower highs that are now forming a downtrend in the past week, whilst the intraday moves on the candles tend to show long upper shadows which reflects intraday bull failures.
Selling pressure is ramping up.
Today’s opening decline is once more back into the lower reaches of the trading range between 12,806/13,209, however time and again in recent weeks, these forays into the support band 12,806/12,900 have been bought into.
Subsequently, chasing this decline at these levels does not come without its risk.
Momentum indicators remains fairly neutral at present on the daily chart and aside from a minor very near term bear bias on the hourly chart, the ranging conditions continue.
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