Comments Off on DAX FUTURES ANALYSIS 07/08/2017

The strong bullish candle on Friday (helped undoubtedly by a euro correction) has put the DAX back at another key crossroads.

Is this a rally going to again fail as it has down over the past couple of weeks around the old breakdown just above 12,300?

  • There is a series of lows through late June/early July to overcome as overhead supply between 12,303/12,380 which is a key band of near term resistance now.

The near term momentum has picked up with a bull cross on MACD and Stochastics buy signal, however now this needs to be converted into a consistent rally.

That makes today’s session key.

Friday could now close above 12,303 but the bulls are still sitting with more confidence in the market.

  • The hourly chart shows a move above 12,340 completes a head and shoulders reversal, with the momentum indicators more positively configured.
  • Initial support is 12,269 with the rally failing below a pivot at 12,200.



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