RHB Retail Research

Author: rhboskres   |   Latest post: Wed, 21 Aug 2019, 4:42 PM


E-mini Dow Futures - New Record High

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Bullish trend is likely to persist; stay long. Buying momentum in the E-mini Dow continued as expected, after it posted a second consecutive white candle last night. The index gained 217 pts to close at 27,077 pts, off the session’s high of 27,092 pts and low of 26,851 pts. From a technical perspective, we believe the uptrend is likely to continue, as the index has taken out the previously-indicated 27,009-pt resistance and hit its new historical high. Last night’s white candle can be viewed as a continuation of the upside swing that started from 13 Jun’s “Hammer” pattern.

Judging from the current outlook, the immediate support level is seen at 26,445 pts, determined from the low of 27 Jun. The next support is maintained at 25,891 pts, ie the low of 13 Jun’s “Hammer” pattern. Towards the upside, we are now eyeing the near-term resistance level at the 27,500-pt round figure. This is followed by the 28,000-pt psychological mark.

Therefore, we advise traders to maintain long positions, following our recommendation of initiating long above the 25,437-pt level on 7 Jun. A trailing-stop is advisable to set below the 26,445-pt threshold in order to lock in part of the profits.

Source: RHB Securities Research - 12 Jul 2019

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