FXEMPIRE
All

E-mini Dow Jones Industrial Average (YM) Futures Analysis – Holding 25233 Sets Up Potential Rally into 25930 to 26174

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average futures contract on Tuesday is likely to be determined by trader reaction to the main 50% level at 25233.
James Hyerczyk
E-mini Dow Jones Industrial Average
E-mini Dow Jones Industrial Average

The E-mini Dow Jones Industrial Average futures contract is trading higher during the pre-market session as prices continue to consolidate following last week’s steep sell-off. Investors are trying to build a support base inside the 50% to 61.8% zone of this year’s trading range.

If successful then we should see a retracement of the sell-off from 26966 to 24893. This should set up the next shorting opportunity.

At 0623 GMT, December E-mini Dow Jones Industrial Average futures are trading 25250, up 49 or +0.19%.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 24893 will signal a resumption of the downtrend. The next downside target is the main bottom at 24000. The trend will change to up on a trade through 26966.

The main range is 23500 to 26966. The market is trying to establish support inside its retracement zone at 25233 to 24824. Last week’s low at 24893 was inside this zone. This area is controlling the near-term direction of the Dow.

If a short-term range forms between 26966 to 24893 then its retracement zone at 25930 to 26174 will become the primary upside target.

Daily December E-mini Dow Jones Industrial Average (Close-Up)

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average futures contract on Tuesday is likely to be determined by trader reaction to the main 50% level at 25233.

A sustained move over 25233 will indicate the presence of buyers. If this move can create enough upside momentum then the near-term target becomes the retracement zone at 25930 to 26174.

A sustained move under 25233 will signal the presence of sellers. This could generate the downside momentum needed to challenge last week’s low at 24893, followed by the main Fibonacci level at 24824.

The Fib level is a potential trigger point for an acceleration to the downside with the main bottom at 24000 the next downside target.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US