E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Big Buying Volume Could Trigger Breakout over 26054

Based on the current price at 26022, the direction of the June E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the downtrending Gann angle at 26054.
James Hyerczyk
E-mini Dow Jones Industrial Average

The blue chip Dow Jones Industrial Average is trying to mount a comeback after early session weakness threatened to take out a key support area. The strong recovery is impressive, but gains remain limited because of lingering fears over an escalating trade dispute between the United States and China.

The Dow rallied to its high for the session after the White House confirmed that a Chinese delegation would be attending a key meeting in Washington, however, gains were pair when China said it would take “necessary” countermeasures if the U.S. raises tariffs Friday as President Trump threatened on Sunday.

At 17:03 GMT, June E-mini Dow Jones Industrial Average futures are trading 26022, up 49 or +0.20%.

Daily June E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 26694 will change the main trend to up. However, with this type of sell-off, a closing price reversal bottom is likely to occur first.

The minor trend is also down. A trade through 26518 will change the minor trend to up. This will also shift momentum to the upside.

The main range is 25246 to 26694. Its retracement zone at 25967 to 25796 is currently being tested. This area is controlling the near-term direction of the market.

The short-term range is 26694 to 25751. If there is a late session rally then look for a move into its retracement zone at 26223 to 26334.

Daily Technical Forecast

Based on the current price at 26022, the direction of the June E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the downtrending Gann angle at 26054.

Bullish Scenario

Taking out 26054 and sustaining the move will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to possible extend into the short-term retracement zone at 26223 to 26334.

Bearish Scenario

A sustained move under 26054 will signal the presence of sellers. The next support is the 50% level at 25967, followed by a pair of Gann angles at 25918 and 25873.

If 25873 fails then look for the selling to extend into a Fib level at 25796 then yesterday’s low at 25751. If this price fails then look for the selling to extend into another set of uptrending Gann angles at 25625 and 25582.

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
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.
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.