RHB Retail Research
E-mini Dow Futures - Taking a Breather
Stay long, with a stop-loss set below the 27,726-pt support. The E-mini Dow formed a “Doji” candle last night. It settled at 28,266 pts, after oscillating between a high of 28,327 pts and low of 28,238 pts. Yet, we maintain our bullish outlook, as the index is still trading above the rising 21-day SMA line. Yesterday’s candle can merely be viewed as a slight pullback, in our view. Overall, we think the rebound that began with 10 Dec’s “Hammer” pattern will likely persist in the coming sessions.
As seen in the chart, the immediate support level is seen at 28,159 pts – this was determined from the low of 16 Dec. If this level is taken out, look to 27,726 pts – the low of 10 Dec’s “Hammer” pattern – as the next support. To the upside, we now eye the immediate resistance level at the 28,345-pt historical high. The next resistance will likely be at the 28,500-pt round figure.
Hence, we advise traders to maintain long positions, since we originally recommended initiating long above the 28,159-pt level on 17 Dec. Meanwhile, a stop-loss set below the 27,726-pt threshold is advisable to limit the downside risk.
Source: RHB Securities Research - 19 Dec 2019
More articles on RHB Retail Research
Duopharma Biotech - Lacking Near-Term Re-Rating Catalysts; D/G NEUTRAL
Created by rhboskres | Aug 26, 2024
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Latest Videos
Apps
Top Articles
1
2
3
save malaysia!
Visa-free travel to China extended for Malaysians to 30 days
4
Good Articles to Share
5
Good Articles to Share
Four convicted in Spain over homophobic murder that sparked nationwode protests
6
Good Articles to Share
7
Good Articles to Share
What’s behind the slew of restaurant bankruptcies in 2024? Experts unpack the problems
8
Good Articles to Share
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
