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DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)
A choppy session closed higher yesterday but does little to change the outlook which remains corrective.
A near three week downtrend remains intact and the market is still stuck with the resistance band 12,070/12,130.
The outlook is likely to be driven to an extent by the French election outcome in the near term, but whilst the support band 11,879/11,920 remains intact the bulls will remain confident that this is a near term move counter to the medium to longer term bull run.
Daily momentum has just started to quell the downside impetus but there is still a corrective look to the recent move.
The hourly chart shows the market is struggling to find upside traction with the hourly RSI failing again around 60 and MACD around neutral with the Stochastics again crossing lower.
- Resistance initially is at yesterday’s high of 12,085 and then 12,130.
- Support is 12,026 which protects the low at 11,963.