RHB Retail Research
E-mini Dow Futures - Bullish Trend Likely to Persist
Stay long, with a stop-loss set below the 27,726-pt support. The E-mini Dow ended higher to form a white candle last night. It gained 111 pts to close at 28,619 pts, after oscillating between a high of 28,624 pts and low of 28,510 pts. From a technical perspective, the bullish trend is likely to continue. This was after the index recouped the previous sessions’ losses and marked a higher close above the rising 21-day SMA line. Overall, we stay bullish on the E-mini Dow’s outlook.
As seen in the chart, the immediate support level is seen at 28,159 pts, ie the low of 16 Dec. If a breakdown arises, the next support is anticipated at 27,726 pts, which was the low of 10 Dec’s “Hammer” pattern. To the upside, the immediate resistance level is situated at the 29,000-pt psychological spot. Meanwhile, the next resistance is maintained at the 29,500-pt round figure.
Therefore, we advise traders to maintain long positions, following our recommendation of initiating long above the 28,159-pt level on 17 Dec. A stop-loss set below the 27,726-pt threshold is advisable in order to minimise the downside risk.
Source: RHB Securities Research - 27 Dec 2019
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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....
