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E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Upside Momentum Puts 24860 Main Top on Radar

March E-mini Dow Jones Industrial Average futures are surging at the mid-session on Friday in reaction to positive developments over US-China trade relations. According to reports, the Dow jumped to a new high for the session after sources told CNBC that China had offered a six-year increase in U.S. imports during recent trade talks. Bloomberg News is saying that the deal would aim to reduce the annual U.S. trade deficit to zero by 2024.

At 1549 GMT, March E-mini Dow Jones Industrial Average futures are trading 24540, up 219 or +0.93%.

Daily March E-mini Dow Jones Industrial Average
Daily March E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. It was reaffirmed earlier today when buyers traded through 24449. The next upside target is the main top at 24860. The market is in no danger of changing the main trend to down, but it is vulnerable to a potentially bearish closing price reversal top.

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The minor trend is also up. A trade through 23640 will change the minor trend to down. This will also shift momentum to the downside.

Daily Technical Forecast

Based on the early price action and the current price at 24540, the direction of the March E-mini Dow Jones Industrial Average futures contract on Friday is likely to be determined by trader reaction to the downtrending Gann angle at 24460.

Bullish Scenario

A sustained move over 24460 will indicate the presence of buyers. If this generates enough upside momentum then look for the rally to extend into the next downtrending Gann angle at 24660. This is the last potential resistance angle before the 24860 main top.

Bearish Scenario

A sustained move under 24460 will signal the presence of sellers. The daily chart is wide open under this angle so if the selling can generate enough downside momentum, we could see an eventual acceleration to the downside with the next target angle coming in at 24060.

The selling pressure could increase under 24060 with the next target angle coming in at 23843.

This article was originally posted on FX Empire

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