RHB Retail Research
E-mini Dow Futures - Still Expected to Rise
Maintain long positions. The E-mini Dow formed a black candle on Tuesday. It slipped 42 pts to close at 28,508 pts, off its high of 28,588 pts and low of 28,499 pts. Still, the bullish sentiment stays unchanged as this candle can only be viewed as buyers probably taking a breather after the recent surge. Since the 21-day SMA line is pointing upwards, this indicates that the upward momentum has not diminished thus far. Overall, we believe the upside swing that started off 10 Dec’s “Hammer” pattern would likely persist.
Currently, we anticipate the immediate support level at 28,159 pts, which was the low of 16 Dec. The next support is seen at 27,726 pts, ie the low of 10 Dec’s “Hammer” pattern. Towards the upside, the near-term resistance level is situated at the 29,000-pt psychological mark. This is followed by the 29,500-pt round figure.
Thus, we advise traders to maintain long positions, in line with our initial recommendation to have long positions above the 28,159-pt level on 17 Dec. In the meantime, a stop-loss can be set below the 27,726-pt mark in order to limit the downside risk.
Source: RHB Securities Research - 26 Dec 2019
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