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E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – 26999 Pivot Trigger Point for Upside Breakout

Based on the earlier price action and the current price at 26923, the direction of the December E-mini Dow Jones Industrial Average into the close on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 26951.
James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are trading higher late Monday with most of the gains being fueled by a strong performance in shares of Apple. The tech giant rose 2.4% on a price-target increase by an analyst at J.P. Morgan. The analyst’s new price target implies a more-than 20% increase in the value of the stock.

At 20:06 GMT, December E-mini Dow Jones Industrial Average futures are trading 26923, up 127 or +0.49%.

The price action also reflects optimism over improving U.S.-China trade relations with negotiations set to resume on October 10-11.

Daily December E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 26686 will signal a resumption of the downtrend. The main trend will change to up on a trade through 27262.

The minor trend is also down. The minor trend will change to up on a move through 27112. This will also shift momentum to the uptrend.

The minor range is 27312 to 26686. Its 50% level or pivot at 26999 has provided resistance the last four sessions. This level is controlling the short-term direction of the market.

The main range is 25244 to 27312. Its retracement zone at 26276 to 26034 is the primary downside target. Buyers could come in on a test of this area since it is also a value zone.

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Daily Technical Forecast

Based on the earlier price action and the current price at 26923, the direction of the December E-mini Dow Jones Industrial Average into the close on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 26951.

Bullish Scenario

A sustained move over 26951 will indicate the buying is getting stronger into the close. The next target is the pivot at 26999. This is a potential trigger point for an acceleration into the minor top at 27112 and a downtrending Gann angle at 27163.

The Gann angle at 27163 is the last potential resistance angle before the main tops at 27262, 27312, 27338 and 27375.

Bearish Scenario

A sustained move under 26951 will signal the presence of sellers. This could trigger a break into the uptrending Gann angle at 26780. This angle is a potential trigger for an acceleration to the downside with 26686 the next target.

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