Emini Dow Jones getting overbought now so perhaps gains will be more limited this week. We have a lot of resistance from 16770 up to the 100 day moving
Emini Dow Jones December contract Daily Forecast - 28 October 2014Emini Dow Jones getting overbought now so perhaps gains will be more limited this week. We have a lot of resistance from 16770 up to the 100 day moving average resistance at 16820. It is only above here that the outlook turns positive again this week & bulls could start to feel more confident. We should then target 16925/50 & perhaps as far as October highs at 17000.
It looks increasingly like we will hit profit taking sooner rather than later now. failure to hold above 16750 is less positive & should trigger a move lower towards 16700/16690. A break below yesterday’s low at 16652 adds pressure to target 16600/595 then good support at 16565/555. A bounce from here is expected initially this week but longs need stops below 16510.
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