June E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. The market is recovering from early session weakness on the back of stronger-than-expected U.S. retail sales, which dampened concerns over a slowing U.S. economy. Earlier in the session, the Dow was pressured by weaker-than-expected Euro Zone manufacturing PMI data.
At 13:22 GMT, June E-mini Dow Jones Industrial Average futures are trading 26497, up 69 or +0.25%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 26554 will signal a resumption of the uptrend. The main trend will change to down on a move through 26060.
The short-term range is 26060 to 26554. Earlier in the session, the Dow found support near its 50% level or pivot at 26307.
Daily Technical Forecast
Based on the early price action and the current price at 26497, the direction of the June E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 26529.
Overtaking and sustaining a rally over 26529 will indicate the presence of buyers. This could create the upside momentum needed to overcome the main top at 26554. If this move triggers an acceleration to the upside then look for a test of a steep uptrending Gann angle at 26700. Overtaking this angle will put the Dow in an extremely bullish position.
The inability to sustain a rally over 26529 will signal the presence of sellers. This could drive the Dow back into the next uptrending Gann angle at 26380. If this fails then look for the selling to extend into the pivot at 26307.
Look for further weakness if 26307 fails as support. This could trigger a further break into a pair of uptrending Gann angles at 26220 and 26174.
This article was originally posted on FX Empire
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