Yahoo Finance E-mini Dow Jones Industrial Average (YM) Futures Analysis – February 16, 2018 Forecast
March E-mini Dow Jones Industrial Average futures are trading slightly higher at the mid-session. The market has posted a two-sided trade today on low volume.
Daily Technical Analysis
The main trend is down according to the daily swing chart. However, the minor trend is up which means momentum is also trending higher.
The main range is 26684 to 23088. Its retracement zone is 24886 to 25310. Trader reaction to this zone should determine the near-term tone of the market. The Dow is currently testing the upper or Fibonacci level of the range at 25310.
Daily Technical Forecast
Today’s price action indicates that we could see a bullish tone develop into the close on a sustained move over 25310 and a bearish tone on a sustained move under a steep uptrending Gann angle at 25136.
A sustained move over 25310 will indicate the presence of buyers. This could trigger a surge into the next downtrending Gann angle at 25788.
A sustained move under 25136 will signal the presence of sellers. This may generate the downside momentum needed to challenge a support cluster at 24892 to 24886.
The 50% level at 24886 is the trigger point for a potential acceleration to the downside.
This article was originally posted on FX Empire
