RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 29 Nov 2019, 6:38 PM


E-mini Dow Futures - Trending Higher

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Market hits new record high; stay long. The upward movement of the E-mini Dow has continued as expected, as a white candle was formed last night. It gained 98 pts to settle at 27,761 pts, after oscillating between a high of 27,771 pts and low of 27,524 pts. Judging from the current technical landscape, we expect the rebound that began with 23 Oct’s “Hammer” pattern to likely persist. This is because the index has breached above the previouslyindicated 27,739-pt resistance and hit its new historical high, implying that the market sentiment is bullish. Overall, we maintain bullish on the E-mini Dow’s outlook.

As seen in the chart, the immediate support level is anticipated at 27,337 pts, determined from 6 Nov’s low. If this level is taken out, look to 26,588 pts – ie the low of 23 Oct’s “Hammer” pattern – as the next support. On the other hand, we are now eyeing the near-term resistance level at the 28,000-pt psychological mark. This is followed by the 28,500-pt round figure.

Thus, we advise traders to maintain long positions, given that we initially recommended initiating long above the 26,750-pt level on 16 Oct. A trailing-stop can be set below the 27,337-pt level in order to secure part of the profits.

Source: RHB Securities Research - 14 Nov 2019

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