E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – April 15, 2019 Forecast

June E-mini Dow Jones Industrial Average futures are trading nearly flat shortly before the cash market opening after giving up earlier gains. The early session rally was fueled by a jump in shares of Dow component Goldman Sachs after the investment banking giant released quarterly earnings. The company reported a quarterly profit of $5.71 per share, beating the consensus estimate of $4.89. Revenue fell short of forecasts, however. Goldman also increased its quarterly dividend of 85 cents per share from 80 cents a share.

At 12:57 GMT, June E-mini Dow Jones Industrial Average futures are trading 26399, down 10 or -0.03%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26509 will signal a resumption of the uptrend. A move through 26060 will change the main trend to down.

The short-term range is 26509 to 26060. Its 50% level or pivot at 26205 is support.

The main range is 25377 to 26509. If the trend changes to down then its retracement zone at 25943 to 25809 will become the primary downside target.

Daily Technical Forecast

Based on the early price action and the current price at 26399, the direction of the June E-mini Dow Jones Industrial Average futures contract is likely to be determined by trader reaction to the downtrending Gann angle at 26413.

Bullish Scenario

A sustained move over 26413 will indicate the presence of buyers. This could lead to a labored rally with the next target angles dropping in at 26461 and 26485. The latter is the last potential resistance before the main top at 26509.

The daily chart opens up to the upside over 26509. This could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 26413 will signal the presence of sellers. The first downside targets are a pair of uptrending Gann angles at 26337 and 26316. Look for a technical bounce on the first test of this angles.

If 26316 fails as support then look for the selling to extend into the pivot at 28205.

Look for an acceleration to the downside if 28205 fails as support. This could trigger a break into an uptrending Gann angle at 26188.

If 26188 fails then look for a further break into 26124, 26060 and 26078.