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DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
The corrective outlook continues to drag the DAX lower but there is an interesting degree of buying pressure that is preventing a significant sell-off.
The daily chart shows that the last two completed candles closed well off the lows and early today there is the prospect of this happening again.
However, for now this would still be counter to the downtrend that continues to develop.
Within this outlook therefore rallies remain a chance to sell with the momentum indicators still correctively configured.
The hourly chart shows a big turnaround candle in the past hour which could fuel further potential recovery today.
- However, hourly momentum suggests selling into rallies and there is also the resistance of a band of overhead supply between 12,070/12,130 on the hourly chart.
- Support is at today’s low of 11,962 and the key band 11,879/11,920.