DAX FUTURES ANALYSIS 15/08/2017
DAX futures are once more approaching a key crossroads and the intent of the bulls will be tested.
- The pivot band 12,300/12,340 has been a key barrier for several weeks and is now less than 100 ticks away as the market has jumped higher once more at the open today.
The momentum indicators have ticked higher in the last couple of sessions but are now back around levels where the bears tend to resume control.
Overhead resistance is added to by the 8 week downtrend which is falling as a further at 12,350 today.
However, the hourly chart does show an improvement in near term momentum configuration, whilst the move above the 12,200 pivot is a sign of strength.
This pivot has limited previous moves and looked to be doing the same yesterday afternoon, only for the bulls to push through today.
If the market can begin to build above 12,200 then the confidence for a test of 12,300/12,340 will build.
- Initial support of 12,150/12,190 will be watched today.