RHB Retail Research
E-mini Dow Futures - Charts Another White Candle
Stay long while setting a stop-loss below the 27,726-pt support. The upside strength of the E-mini Dow continued as expected as a white candle was formed last night. It settled at 28,550 pts, after oscillating between a high of 28,583 pts and low of 28,475 pts. As the E-mini Dow has successfully posted a third consecutive white candle above the rising 21-day SMA line, this can be viewed as the bulls extending their upward momentum. Meanwhile, the 14-day RSI indicator is now rising higher without being overbought, implying a bullish outlook.
Judging from the current outlook, the immediate support level is seen at 28,159 pts, ie the low of 16 Dec. The next support would likely be at 27,726 pts, determined from the low of 10 Dec’s “Hammer” pattern. On the other hand, the near-term resistance level is maintained at the 29,000-pt psychological spot. This is followed by the 29,500-pt round figure.
Hence, we advise traders to stay long, following our recommendation of initiating long above the 28,159-pt level on 17 Dec. A stop-loss can be set below the 27,726-pt threshold in order to minimise the downside risk
Source: RHB Securities Research - 24 Dec 2019
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