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DAX straining but can it break 13,000?


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

 

Can the DAX continue to push higher and breach 13,000?

The market is squeezing higher with the support of the six week uptrend and another all-time high has been achieved.

However it is intriguing to see the market hitting 13,000 to the tick this morning before dropping back again, suggesting that this is a significant psychological barrier.

Momentum indicators remain positively configured but there is a slowing of the MACD lines now which are converging and could be on the brink of a negative crossover.

  • The market is now a range between 12,885 and 13,000 and a closing breach either way could constitute a breakout and imply 115 ticks of target.

Yesterday’s positive candle broke a sequence of negative sessions and the market is still tracking higher lows this week.

  • That makes 12,935 initially supportive with 12,885 key.

Can the DAX finally breakout?

The hourly chart is still very neutrally configured for the range to continue, but watch for the hourly RSI holding above 60 for signs of life.

 


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