DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)
Upside pressure for a breakout grows, after Friday’s intraday move above 13,209 however the decisive break is as yet still illusive.
The market closed strongly higher on Friday but the closing price was well off the day high and subsequently the importance of today’s candle increases.
The initial move higher has failed to ignite the bulls quite yet and it is interesting to see the initial day high at 13,205, under the previous resistance.
However looking at the daily momentum indicators, the market is certainly building for a breakout this time, with the MACD lines crossing higher around neutral and the upside traction in the Stochastics.
A move on the RSI above 60 would really begin to argue strongly for a decisive move to the upside.
A close above 13,209 would now be that trigger that the market is looking for.
It would complete a four week range breakout and imply around 400 ticks of upside to at least retest the highs once more at 13,533.
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