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E-mini Dow Jones Industrial Average (YM) Futures Analysis – February 12, 2018 Forecast

By:
James Hyerczyk
Published: Feb 12, 2018, 14:34 UTC

Based on the early price action, the direction of the Dow will be determined by trader reaction to the short-term Fibonacci level at 24508.

E-mini Dow Jones Industrial Average

March E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. The Dow is currently bouncing between retracement levels. This may be an early indication that investors are still trying to form a support base.

E-mini Dow Jones Industrial Average
Daily March E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 23088 will signal a resumption of the downtrend.

The minor trend is also down. A trade through 23325 will signal a resumption of the minor downtrend. This could trigger a further break through 23088.

The minor trend will change to up on a trade through 25239.

The main range is 26684 to 23088. Its retracement zone at 24886 to 25310 is resistance. This zone stopped the rally at 25239 last week.

The intermediate range is 23088 to 25239. Its retracement zone is 24164 to 23910. Buyers may try to form support at this zone.

The short-term range is 25239 to 23325. Its retracement zone is 24282 to 24508. This zone is controlling the direction of the market today.

Daily Technical Forecast

Based on the early price action, the direction of the Dow will be determined by trader reaction to the short-term Fibonacci level at 24508.

A sustained move under 24508 will signal the presence of sellers. This could drive the market into a pair of 50% levels at 24282 and 24164.

If 24164 fails then look for the break to extend into 23910. A sustained move under this level could trigger an acceleration to the downside with targets at 23325 and 23088.

A sustained move over 24508 will indicate the presence of buyers. This is a potential trigger point for a move into 24886 then 25239 and 25310.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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