DAX FUTURES ANALYSIS 10/08/2017
The selling pressure resumed yesterday with a sharply bearish session that is once more looking to test the key near term range lows.
For now though support continues to be formed above the 12,077 late July low, however the more times this is tested the more likely an eventual break will be seen.
The medium term momentum indicators retain a negative configuration and this is ramping up the pressure.
The RSI, MACD and Stochastics lines have all ticked lower again and rallies continue to be sold into.
- On the hourly chart there is a range play formation between 12,077/12,340 with a mid-range pivot at 12,200 providing near term resistance.
- Early losses today also mean that 12,174 is a level to watch too.
- A close under 12,100 would be a 3 and a half month closing low, whilst a breach of 12,077 opens 11,965.