DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)
Having broken sharply to new high ground in the wake of the ECB decision the DAX bulls retain full control.
The sharp opening gap higher today has come as the market has played catch up from being closed for Reformation Day yesterday.
- This has though left a gap open at 13,250 which needs to be filled.
However the move higher has been so strong that the bulls will be looking at the impact on the momentum indicators which have turned bullish again and this will bolster confidence for further gains.
The MACD lines crossing back higher and Stochastics rising in bullish configuration in the least show that any move to fill a gap will be seen as a chance to buy.
- There is good near term support now at 13,250.
- In terms of upside targets and resistance, the market is into blue sky, with today’s intraday high at 13,369 and then arguably round number levels of 13,400 and 13,500 (although the latter two are somewhat spurious).
DISCLAIMER: This report does not constitute personal investment advice, nor does it take into account the individual financial circumstances or objectives of the clients who receive it. All information and research produced by Hantec Markets is intended to be general in nature; it does not constitute a recommendation or offer for the purchase or sale of any financial instrument, nor should it be construed as such.
All of the views or suggestions within this report are those solely and exclusively of the author, and accurately reflect his personal views about any and all of the subject instruments and are presented to the best of the author’s knowledge. Any person relying on this report to undertake trading does so entirely at his/her own risk and Hantec Markets does not accept any liability.