E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Overtaking 26343 Could Trigger Surge into 26508

Based on the early price action and the current price at 26290, the direction of the December E-mini Dow Jones Industrial Average futures contract the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 26343.
James Hyerczyk
Dow Jones Industrial Avearge
Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are expected to open slightly lower shortly ahead of the cash market opening. After a wild trade during the premarket session, conditions have calmed as most investors await news on the progress of today’s trade talks between the United States and China. Although most investors expect this session to end in a stalemate, some are hoping for at least a “mini-deal”.

At 13:25 GMT, December E-mini Dow Jones Industrial Average futures are trading 26290, down 15 or -0.05%.

Daily December E-mini Dow Jones Industrial Average

Daily Technical Analysis

Based on the early price action and the current price at 26290, the direction of the December E-mini Dow Jones Industrial Average futures contract the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 26343.

Bullish Scenario

A sustained move over 26343 will indicate the presence of buyers. This could trigger an acceleration into the short-term 50% level at 26508.

Overtaking this level could trigger a further rally into the main top at 26615, followed by the resistance cluster at 26697 to 26704. The latter is a potential trigger point for an acceleration to the upside with the next target angle dropping in at 27006.

Bearish Scenario

A sustained move under 26343 will signal the presence of sellers. The first downside target is the 50% level at 26163, followed by the uptrending Gann angle at 26023.

Additional support is the Fibonacci level at 25892, the uptrending Gann angle at 25863 and a long-term uptrending Gann angle at 25750.

Taking out the main bottom at 25703 will signal a resumption of the downtrend. This could trigger an acceleration to the downside.

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