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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis –Bullish Over 6823.25, Bearish Under 6804.00 Into Close

James Hyerczyk
Updated

March E-mini NASDAQ-100 Index futures are trading lower at the mid-session after reaching its highest level since February 2, earlier in the session. The index is currently in a position to post a potentially bearish closing price reversal top.

Daily March E-mini NASDAQ-100 Index
Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 7047.25 will change the main trend to up.

The minor trend is up. It changed up on Friday when buyers took out 6717.75. Momentum also turned higher.

The main range is 7047.25 to 6164.00. Its retracement zone at 6709.75 to 6605.50 is new support.

If a short-term range forms between 6164.00 and 6859.75 then its retracement zone at 6511.75 to 6529.75 will become the primary downside target.

Daily Technical Forecast

Based on the current price action, the key area to watch into the close will be the downtrending Gann angle at 6823.25 and the steep uptrending Gann angle at 6804.00.

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A sustained move under 6804.00 will indicate the presence of sellers. This could generate the downside momentum needed to challenge the main Fibonacci level at 6709.75. This is a potential trigger point for an acceleration into the main 50% level at 6605.50.

A sustained move over 6823.25 will signal the presence of buyers. Crossing to the strong side of this angle could lead to a test of the next downtrending Gann angle at 6935.25.

This article was originally posted on FX Empire

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