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DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The market continues to consolidate but with a bullish bias, but will this last?
Recent sessions have once more been consolidating the breakout with the market moving into neutral mode.
However the medium to longer term momentum signals remain strongly bullish and corrective moves remain a chance to buy.
It is interesting to see the last two candles show that the bulls get stronger throughout the session and this leaves them well positioned for further gains.
The hourly chart shows this consolidation is beginning to put pressure on the seven day uptrend, however hourly momentum indicators are effectively showing a pause for breath rather than any swelling bear pressure.
- Initial resistance at 12,792 is holding back the bulls in front of a retest of the 12,840 all-time high.
- The support continues to be posted at higher levels with yesterday’s low at 12,718 protecting 12,666 which is now a pivot.