Maintain long positions. The E-Mini Dow continues to move sideways and consolidate, adding 13 pts to settle at 33,328 pts. It started Wednesday’s session at 33,333 pts and, after oscillating between the session’s high and low of 33,407 pts and 33,233 pts, it last traded at 33,328 pts. With the minute movements, the index is still staying above the nearest 33,200-pt support. Overall, the trends are still exhibiting “higher low” bullish structures. Coupled with the RSI slanting upwards, we remain optimistic that the bullish momentum may resume after the consolidation. As such, we are keeping our positive trading bias.

We recommend traders maintain the long positions initiated at 31,509 pts, or the closing level of 1 Mar. For riskmanagement purposes, the trailing stop is set at 32,900 pts.

The immediate support remains at 33,200 pts, followed by the 33,000-pt psychological level. On the upside, the immediate resistance is pegged at the 33,600-pt round figure and followed by 33,800 pts.

Source: RHB Securities Research - 8 Apr 2021