RHB Retail Research
E-mini Dow Futures - New Record High
Market recorded its fresh new record high; stay long. The upward momentum of the E-mini Dow continued as expected, as a white candle was formed last night. It rose 120 pts to settle at 28,386 pts. We believe the bullish trend is likely to persist, as the index has taken out the previously-indicated 28,345-pt resistance and hit its new record high. As the 21-day SMA line is edging upwards, it would appear that the bullish sentiment has been enhanced. Overall, we stay upbeat on the E-mini Dow’s outlook.
Currently, the immediate support level is anticipated at 28,159 pts – this was obtained from the low of 16 Dec. Meanwhile, the crucial support is maintained at 27,726 pts, which was determined from the low of 10 Dec’s “Hammer” pattern. On the other hand, the near-term resistance level is seen at the 28,500-pt round figure. This is followed by the 29,000-pt psychological spot.
Consequently, we advise traders to stay long, given that we previously recommended initiating long above the 28,159-pt level on 17 Dec. At the same time, a stop-loss set below the 27,726-pt threshold is preferable to minimise the downside risk.
Source: RHB Securities Research - 20 Dec 2019
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