DAX Consolidating Huge Gains, But Is It Stretched?
Hantec Markets | Nov 02, 2017 08:58
DAX futures (Dec 2017 contract is FDXZ7, continuation contract is FDXc1)
DAX futures are just consolidating back a touch this morning after a huge bull session yesterday.
Big moves will often be followed by corrective slips and this could be one of those again. The DAX has gone a long way in a short space of time and some initial profit-taking could easily be seen.
Technically the market is very strong though, however with the market trading entirely outside the Bollinger Bands® there is a suggestion that the market is overstretched near term.
The Marabuzo line of yesterday’s bull candle is at 13,400 and is an initial gauge today.
Holding above that would still be bullish, otherwise the market could begin to drift back.
- Today’s initial low of support if 13,435, whilst yesterday’s traded low at 13,311 is further support.
- Yesterday’s all-time high at 13,486 now marks the resistance.
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.
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