E-Mini Nasdaq 100: the view is bullish, next target at 4617.25

Marked a series of 4 consecutive higher highs. An acceleration to the upside is expected with the next target at 4617.25.

On the 11/07/2016 E-Mini Nasdaq 100 future close was at 4549.5 (+0.71%). Marked a series of 4 consecutive higher highs and the fourth consecutive positive trading session. New bullish technical picture drawn on daily chart (high2 < high1, high1 < high, low2 < low1, low1 < low, close > close1, close1 > close2), we suggest to watch today closing. For intraday trading session the technical view is positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the most significant support levels. The major oscillators confirm the upward trend.

View the interactive chart on ProRealTime.com

E-Mini Nasdaq100 target

Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 4398.36). 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: 11/07/2016.

Performance: 7 trading days= +2.62% – 15 trading days= +3.39% – 30 trading days= +0.56%

Resistance levels: R1= 4570 – R2= 4590.75 – R3= 4638.5
Pivot Point: 4543
Support levels: S1= 4522.25 – S2= 4495.25 – S3= 4447.5


Buying opportunity above 4558.5 targets minor resistance at 4576.75 and perhaps as far as strong resistance at 4588.25, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 4617.25.

Selling opportunity below 4532.75 targets minor support at 4515 and perhaps as far as strong support at 4503, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 4475.