E-Mini Dow Jones: the view is bullish, buying opportunity above 18550

E-Mini Dow Jones short term technical view is bullish. An outside bar pattern has been drawn on daily chart. Buying opportunity above 18550.

E-Mini Dow Jones future close slightly higher. Trading session of the 19/07/2016 ends at 18480 (+0.16%). Marked a series of 9 consecutive higher highs. Technical analysis applied to the daily chart shows a neutral trend, so for today trading session the forecast of price movements is between support and resistance levels. The major oscillators confirm the neutral trend, no bullish or bearish signals are triggered. An outside bar pattern drawn on daily chart. Watch volumes before entries on long o short positions.
E-Mini Dow Jones view

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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 18106). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Volumes
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 19/07/2016.

Performance: 7 trading days= +1.84% – 15 trading days= +4.86% – 30 trading days= +2.70%

Resistance levels: R1= 18516 – R2= 18551 – R3= 18644
Pivot Point: 18458
Support levels: S1= 18423 – S2= 18365 – S3= 18272


Buying opportunity above 18550 targets minor resistance at 18628 and perhaps as far as strong resistance at 18691, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 18868.

Selling opportunity below 18404 targets minor support at 18332 and perhaps as far as strong support at 18269, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 18088.