Emini Dow Jones: Limited Gains This Week
Jason Sen | Oct 28, 2014 02:40AM ET
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 average resistance at 16820. It is only above here that the outlook turns positive again this week and bulls could start to feel more confident. We should then target 16925/50 and 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 and 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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